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NATO Themes Transatlantic Defense ETF

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$36.35
+0.5% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Oct 28, 2026, NATO lost 6.7%, against 13.4% for ACWI.

Why did NATO return +37.3% against ACWI’s +34.1%?What does NATO hold that the S&P 500 does not?What do NATO’s net flows of +$89.9m over the since Oct 2024 mean?
Holds 88 stocks in defense, 55% of its weight in S&P 500 companiesThemes ↗Expense ratio 0.35%Fund assets $86m on Oct 28, 2026First traded Oct 11, 2024Benchmark MSCI ACWI Net Total Return Index, measured by ACWI, which tracks the same indexFund page at the issuer ↗SEC filings ↗Every Themes fund ETFIQ coversDividend history

Promise check: Not measuredIts theme exposure is measured once ETFIQ defines its theme company by company.

Compare with…Trading costsPut to the committeeaskIQ about NATOAdd to portfolioOverlapFlowsAlerts

NATO risk and return scorecard

vs ACWI · Oct 2024 to Oct 2026 · 105 weekly returns · dividend-adjusted

Short history · 24 months
NATO +37.3%, ACWI +34.1%, Oct 2024 to Oct 2026, distributions reinvested.
Return
MeasureNATOACWIEdge
Total return+37.3%+34.1%NATO (slight)
Annualized+17.0%+15.7%NATO (slight)
Price return+36.6%+30.0%NATO
Risk
MeasureNATOACWIEdge
Volatility22.6%14.2%ACWI
Max drawdown−18.4%−14.3%ACWI
Upside capture101.4%100.0%Tie
Downside capture98.4%100.0%Tie
Risk-adjusted
MeasureNATOACWIEdge
Sharpe ratio0.630.81ACWI
Sortino ratio0.951.20ACWI
Alpha vs ACWI
MeasureNATOACWIEdge
Alpha, a year+2.3%Not significant
Alpha t-stat0.19
Beta to ACWI1.031.00Higher beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
+$58.0m
Since Oct 2024
+$89.9m
askIQ: what do these flows mean? ↗

What you earned

NATO −2.2%, ACWI −0.3%: total return over one month to Oct 28, 2026.
NATO−2.2%
ACWI−0.3%
NATO −11.0%, ACWI +4.4%: total return over three months to Oct 28, 2026.
NATO−11.0%
ACWI+4.4%
NATO −2.9%, ACWI +7.4%: total return over six months to Oct 28, 2026.
NATO−2.9%
ACWI+7.4%
NATO −5.0%, ACWI +13.2%: total return over the year to Oct 28, 2026.
NATO−5.0%
ACWI+13.2%
NATO −6.7%, ACWI +13.4%: total return over one year to Oct 28, 2026.
NATO−6.7%
ACWI+13.4%
NATO +44.0%, ACWI +36.8%: total return since launch to Oct 28, 2026.
NATO+44.0%
ACWI+36.8%
askIQ: why did NATO return −6.7% against ACWI’s +13.4%? ↗

What did you actually buy?

Defense · holdings as of Oct 28, 2026
55.1%
Already in the S&P 500
Report
97.7%
Active share vs the S&P 500
Report
60.8%
Top ten holdings
Report
−6.7%
Total return, 1 year
Report
0.4%
12-month yield, capital gains included, on its starting price
Report
$0.1725
Last payment, ex-date Dec 18, 2025
Report
Share already in the S&P 500
55.1% of the fund by weight, holdings as of Oct 28, 2026.
Ten largest holdings
RTX Corp9.0%
GE AEROSPACE7.5%
Rolls-Royce Holdings PLC7.2%
Boeing Co/The6.5%
AIRBUS GROUP SE6.5%
Lockheed Martin Corp6.0%
Safran SA5.4%
BAE Systems PLC4.3%
General Dynamics Corp4.2%
Northrop Grumman Corp4.2%
askIQ: what does NATO hold that the S&P 500 does not? ↗

More on NATO

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Price, 1 year

$36.35+0.5%1 day, priceClose, Oct 28, 2026

Price only. Total return over the same days, distributions reinvested, was −6.7%. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Oct 28, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

NATO returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (ACWI)Gap to ACWIS&P 500 (SPY)
1M Sep 28 – Oct 28, 2026−2.2%−0.3%−1.9 pts+0.9%
3M Jul 29 – Oct 28, 2026−11.0%+4.4%−15.4 pts+6.1%
6M Apr 29 – Oct 28, 2026−2.9%+7.4%−10.3 pts+9.1%
YTD Dec 31, 2025 – Oct 28, 2026−5.0%+13.2%−18.2 pts+14.1%
1Y Oct 28, 2025 – Oct 28, 2026−6.7%+13.4%−20.1 pts+13.6%
Since launch Oct 11, 2024 – Oct 28, 2026+44.0%+36.8%+7.2 pts+36.3%
Since launch, annualised Oct 11, 2024 – Oct 28, 2026+19.5%–––

Total returns, distributions reinvested. Listed Oct 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where every fund in this set sits

How much of its weight does it not share with the S&P 500?

Active share against the S&P 500
USNZ 23.1%IQSZ 49.1%TNXT 51.6%IETC 59.8%XIGV 60.7%CRTC 61.8%AIX 64.0%LQAI 64.9%ALAI 65.2%IVES 66.3%ILDR 67.0%PEXL 67.1%JHAI 68.1%AGIX 68.8%AIEQ 69.0%AOTG 69.1%XT 69.2%FAI 70.1%AIQ 70.2%CHAT 70.9%WTAI 71.5%XAIX 72.0%THMZ 73.5%AIFD 74.4%FRWD 74.4%CARZ 74.5%WUGI 75.2%FDTX 75.5%BAI 75.9%AIUP 76.1%TEKY 77.7%PNQI 78.9%FMET 79.1%IGPT 79.2%FDCF 79.8%ARKW 79.9%AINT 80.3%ARKQ 80.3%SHOC 80.5%SMH 80.7%SOXQ 80.8%FTXL 80.9%GGME 81.5%KNCT 81.7%PBOT 82.1%SOXX 82.3%CBOT 82.4%OGIG 82.9%UFOX 83.1%ARTY 83.2%ABOT 83.7%ARKX 83.7%MILN 83.9%SUPP 84.2%CHPX 84.3%RACK 84.3%CHPS 84.8%AGIQ 85.2%FDN 85.5%AIPO 85.8%CLOD 86.1%XDAT 86.2%BUYZ 86.3%SMHX 87.2%FOWF 88.4%NRSH 88.6%PCLN 89.5%DTCR 90.8%CIBR 90.9%FCLD 91.6%TMAT 91.6%RBLD 91.9%PSI 92.2%IGV 92.4%TCAI 92.7%NEWZ 94.6%TSES 94.7%MADE 94.8%PBPH 95.0%GDOC 95.4%BMED 95.6%EPAI 95.6%IFRA 95.7%PPA 96.4%WR 96.6%POWR 96.9%VOLT 96.9%YUNG 97.1%FPWR 97.2%, and 2 more at this point: IVEP 97.2%, PAVE 97.2%MISL 97.4%HVAC 97.5%, and 1 more at this point: RIFR 97.5%AV 97.6%, and 1 more at this point: TSSD 97.6%IPAY 97.7%, and 3 more at this point: ITA 97.7%, KYC 97.8%, ZAP 97.8%DUTY 98.1%WNDR 98.1%DRES 98.2%, and 2 more at this point: TPZ 98.3%, SRVR 98.5%NFRX 98.2%IHI 98.7%DOCK 98.8%BBH 99.0%PHO 99.4%LGHT 99.5%NATO 97.7%97.7%23.1%99.5%
23.1% to 99.5% across 112

That is the share of the 112 thematic ETFs with at least half their money in S&P 500 companies sitting at or below NATO.

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. Where the fund sits in this set, not a rating. Do not average it with another category's score.

87.1
IQ Themes ScoreETFIQ S&P 500 Difference Scorejoint 14th of 112 · Oct 28, 2026
0.4 · lowest of 112 thematic ETFs with at least half their money in S&P 500 companies99.6 · highest

How different its holdings are from the S&P 500, ranked against 112 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

NATO shares 14 of its 88 holdings with the S&P 500. Counting each at the smaller of its two weights, the two overlap by 2.3%.

active share against the S&P 50097.7% · 87th pct
All 112 ranked by this score →

Money in and out

Monthly data · as of Jun 30, 2026

NATO: in the month to Jun 30, 2026, nothing net moved, by its SEC filing.

12 months
+$58.0m
155.6% of $37.3m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
Since Oct 2024
+$89.9m
Oct 1, 2024 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions NATO files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for NATO, back to Oct 2024, is in its flows file. Flows across every fund · How these flows are computed · Compare NATO with other funds in the flows tool

Month by month, money in and money outOct 2024 to Jun 2026

NATO, money in and money out each month from Oct 2024 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from NATO’s SEC filings (N-PORT item B.6). Of the 21 months listed, money came in on net in 15 and went out in 4.

Every bar is from NATO’s SEC filings (N-PORT item B.6). Of the 21 months listed, money came in on net in 15 and went out in 4.

MonthInOutNet
Jun 2026 SEC Form N-PORT$0$0$0
May 2026 SEC Form N-PORT$0−$3.1m−$3.1m
Apr 2026 SEC Form N-PORT+$1.2m−$4.5m−$3.3m
Mar 2026 SEC Form N-PORT+$17.9m$0+$17.9m
Feb 2026 SEC Form N-PORT+$11.0m$0+$11.0m
Jan 2026 SEC Form N-PORT+$16.1m$0+$16.1m
Dec 2025 SEC Form N-PORT$0−$2.5m−$2.5m
Nov 2025 SEC Form N-PORT+$1.9m−$1.9m+$43k
Oct 2025 SEC Form N-PORT+$6.6m$0+$6.6m
Sep 2025 SEC Form N-PORT+$3.8m$0+$3.8m
Aug 2025 SEC Form N-PORT$0−$1.1m−$1.1m
Jul 2025 SEC Form N-PORT+$12.5m$0+$12.5m
Jun 2025 SEC Form N-PORT+$10.9m$0+$10.9m
May 2025 SEC Form N-PORT+$8.5m−$3.1m+$5.4m
Apr 2025 SEC Form N-PORT+$5.3m$0+$5.3m
Mar 2025 SEC Form N-PORT+$8.2m−$571k+$7.7m
Feb 2025 SEC Form N-PORT+$1.1m−$268k+$792k
Jan 2025 SEC Form N-PORT$0$0$0
Dec 2024 SEC Form N-PORT+$255k$0+$255k
Nov 2024 SEC Form N-PORT+$793k$0+$793k
Oct 2024 SEC Form N-PORT+$756k$0+$756k

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

NATO key stats

52-week high, daily closes to Oct 28, 2026 (ETFIQ)$44.22 on Mar 2, 2026
52-week low, daily closes to Oct 28, 2026 (ETFIQ)$35.37 on Nov 24, 2025
Close on Oct 28, 2026, within that range (ETFIQ)$36.35, 11% of the way from the low to the high
Holdings88
Top ten holdings weight60.8%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Oct 27, 2026
Trading · NATOas of Oct 27, 2026
·
Not scored1 of 6 measured · Oct 27, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
$1,000$2.450.24%
$10,000$250.24%
Premium or discount to NAV, Oct 27 close−0.19%
−0.4%95% of days within ±0.27% · the 1% band is off this scale+0.4%
How to tradeLimit: midpoint + 9¢ to buy, midpoint − 9¢ to sell.At the Oct 27 close of $36.17, that’s $36.26 to buy and $36.08 to sell.
Full trading page: components, premium history, dealers →

NATO top ten by weight, 60.8% of the fund, of its 88 equity positions, from the holdings published by its issuer for Oct 28, 2026. Source: the issuer’s own daily file.

RTX Corp RTX 8.96%
GE AEROSPACE GE 7.54%
Rolls-Royce Holdings PLC not published 7.22%
Boeing Co BA 6.50%
AIRBUS GROUP SE AIR EPA 6.46%
Lockheed Martin Corp LMT 5.99%
Safran SA SAF EPA 5.41%
BAE Systems PLC not published 4.31%
General Dynamics Corp GD 4.19%
Northrop Grumman Corp NOC 4.17%
Holdings, the issuer’s own daily file ↗See all 88 holdings →Check overlap with another fund →

Source: Themes’s daily holdings file. Updated each trading day. Last checked Oct 28, 2026.

About NATO

Theme (ETFIQ, editorial)Defense
First tradedOct 11, 2024
Already in the S&P 500, by weight (ETFIQ)55.1%
Outside the S&P 500, by weight (ETFIQ)45%
Active share vs the S&P 500 (ETFIQ)97.7%
Already in the Nasdaq-100, by weight (ETFIQ)1.7%
Active share vs the Nasdaq-100 (ETFIQ)99.8%
Top ten holdings weight60.8%
Holdings88
Holdings published for (the issuer’s daily file)Oct 28, 2026
Holdings as of the close of (the issuer’s daily file)Oct 28, 2026
Top holdingsRTX Corp 9.0%, GE AEROSPACE 7.5%, Rolls-Royce Holdings PLC 7.2%, Boeing Co/The 6.5%, AIRBUS GROUP SE 6.5%, Lockheed Martin Corp 6.0%, Safran SA 5.4%, BAE Systems PLC 4.3%, General Dynamics Corp 4.2%, Northrop Grumman Corp 4.2%
Net assets (issuer daily file, as of Oct 28, 2026)$86mReport
Benchmark (ETFIQ, from its filings)MSCI ACWI Net Total Return Index, measured by ACWI, which tracks the same index
Benchmark named inits shareholder report, N-CSR/A, Jul 23, 2026
NATO, 1 year to Oct 28, 2026−6.7%
ACWI, the same days+13.4%
Against its benchmark, 1 year (ETFIQ)−20.1 pts
Below its all-time high (ETFIQ)−17.8%
Expense ratio (485BPOS XBRL, Jan 27, 2026)0.35%Report
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)0.36%
Closest funds by holdings overlapITA 58%, PPA 56%, MISL 53%, WDGF 48%, AV 45%
Against its benchmark, 1 yearbehind by 20.1 pts
Below its all-time high17.8%, high on Mar 2, 2026
How we measure
The top ten holdings are 61% of the fund across 88 positions, as published by its issuer for Oct 28, 2026. Over the year to Oct 28, 2026 the fund returned −6.7% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 20.1 pts. It sits 17.8% below its all-time high of Mar 2, 2026.
Holdings from the file the issuer publishes daily; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested. Method
IQ Investment Committee on NATO

12 seats on NATO, as of Oct 28, 2026: 1 Mixed, 6 Challenges, 5 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put NATO to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about NATO

How much of NATO is in S&P 500 companies?
By its holdings published by its issuer for Oct 28, 2026, 55% of NATO 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 NATO hold?
88 positions as published by its issuer for Oct 28, 2026, with the top ten at 61% of the fund. The largest are RTX Corp at 9.0%, GE AEROSPACE at 7.5%, Rolls-Royce Holdings PLC at 7.2%.
Has NATO beaten the S&P 500?
Over the year to Oct 28, 2026 NATO returned −6.7% with distributions reinvested, against +13.6% for the S&P 500, so it finished behind the index by 20.3 points.
What does NATO cost?
The prospectus expense ratio is 0.35% a year. Because 98% of the fund differs from the S&P 500, the fee on that differing part works out at 0.36%.
Sources and dates
Prices, NATO, Benchmark (ACWI) and S&P 500 (SPY)Tiingo end-of-day · Oct 28, 2026
Fee, 0.35%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $86mIssuer daily file · Oct 28, 2026
HoldingsHoldings, the issuer’s own daily file · Oct 28, 2026 ↗
SourceHoldings filing (SEC Form N-PORT), the last one filed ↗
IssuerThemes page for NATO ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, NATO, thematic ETFs, data as of Oct 28, 2026. https://etfiq.com/funds/nato

The difference bar for NATO, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Active share
How differently the money is placed, counting weights: one minus the sum of the smaller weight of each security across the fund and the index. 100% means nothing in common; 0% means the index itself. Two funds can hold the same names and still have a high active share if they weight them very differently.
Weight overlap
The share of money two portfolios hold in the same securities at the same weight.
Already in the index
The fund’s weight in securities the S&P 500 holds at all. A fund can be made entirely of index names and still have high active share, because it holds them at different weights.
Top ten
The weight of the ten largest holdings. Above 50% the fund is a bet on a handful of companies, whatever the theme.
Full definitions: thematic ETFs vocabulary page. →
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NATO: 55% of NATO's weight is in S&P 500 companies and 45% is outside the index. Holdings as of Oct 28, 2026.
<figure style="margin:0;max-width:640px">
<a href="https://etfiq.com/funds/nato"><img src="https://etfiq.com/assistant/api/embed/themes/nato.svg" alt="NATO: 55% of NATO&#x27;s weight is in S&amp;P 500 companies and 45% is outside the index. Holdings as of Oct 28, 2026." width="640" style="max-width:100%;height:auto"></a>
<figcaption style="font:13px/1.5 sans-serif">NATO: 55% of NATO&#x27;s weight is in S&amp;P 500 companies and 45% is outside the index. Holdings as of Oct 28, 2026. Data: <a href="https://etfiq.com/funds/nato">ETFIQ</a></figcaption>
</figure>

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Snapshot, Oct 28, 2026. More on the tabs above.