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NATOvsMISLETF Comparison

ETF 1

NATO

Themes Transatlantic Defense ETF

Full NATO fund page

VS

ETF 2

MISL

First Trust Indxx Aerospace & Defense ETF

Full MISL fund page

Themes Transatlantic Defense ETF (NATO) and First Trust Indxx Aerospace & Defense ETF (MISL) belong to the same industry segment: . NATO's top 3 sector exposures are Industrials, Information Technology and Consumer Discretionary. In contrast, MISL's top sector exposures are Industrials, Information Technology and Communication Services. NATO is less expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.6% for MISL. NATO is up 7% year-to-date (YTD) with +$39M in YTD flows. MISL performs better with 10.58% YTD performance, and -$560M in YTD flows. Run a side-by-side ETF comparison of NATO and MISL below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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NATO vs MISL performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 06/18/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	NATO MISL	+6.10%+4.47%	-0.95%-1.16%	+7.00%+10.58%	+21.34%+33.61%	n/a+110.27%	n/an/a
Flows	NATO MISL	-+$28M	-$1M-$638M	+$39M-$560M	+$61M+$531M	-+$617M	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	NATO MISL	+28.32%+29.93%	+20.19%+23.37%	n/a+19.77%	n/an/a
Max drawdown	NATO MISL	-9.67%-10.19%	-14.82%-15.51%	n/a-17.72%	n/an/a
Max drawdown duration	NATO MISL	65d70d	108d149d	n/a184d	n/an/a

Trading data

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	NATO	MISL
Last sale 6/18/2026 at 1:30 PM	$40.52	$46.40
Previous close 06/18/2026	$40.88	$47.31
Consolidated volume 06/18/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Replication quality

Data as of May 29, 2026

1-year trailing difference

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	NATO	MISL
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 6/18/2026 at 1:30 PM

Live

Closed

	NATO	MISL
Last price	$40.52	$46.40
1D performance	-0.89%	-1.92%
AuM	$100.69 M	$834.27 M
E/R	0.35%	0.6%

Characteristics

	NATO	MISL
Management strategy	Passive	Passive
Provider	Themes Management Company	First Trust
Benchmark	Solactive Transatlantic Aerospace and Defense Index	Indxx US Aerospace and Defense Index
N° of holdings	59	31
Asset class	-	Equities
Trailing 12m distribution yield	Join	Join
Inception date	October 10, 2024	October 26, 2022
ESG	No	No

More NATO data on Trackinsight

More MISL data on Trackinsight

Exposure

Countries

NATO

USA

66.07%

United Kingdom

11.1%

Other

22.83%

MISL

USA

96.72%

Other

3.28%

Sectors

NATO

Industrials

90.96%

Other

9.04%

MISL

Industrials

75.06%

Information Techn.

9.45%

Other

15.49%

Diversification

NATO

Total weight of top 15 holdings out of 15

76.57%

MISL

Total weight of top 15 holdings out of 15

77.74%

Top 15 holdings

Data as of April 30, 2026

NATO

BOEING U

8.27%

RAYTHEON TECHNOLOGIES CORPORD

7.99%

GENERAL ELECTRIC

7.53%

ROLLS-ROYCE HOLDINGS

6.08%

AIRBUS SE

5.40%

SAFRAN

5.28%

HONEYWELL INTL

5.13%

LOCKHEED MARTIN

4.97%

HOWMET AEROSPACE INC

4.74%

BAE SYSTEMS

4.09%

NORTHROP GRUMMAN

4.04%

RHEINMETALL

3.56%

GENERAL DYNAMICS

3.40%

TRANSDIGM GROUP

3.14%

L3 HARRIS TECHNOLOGIES

2.95%

MISL

PALANTIR TECHNOLOGIES

9.45%

BOEING U

8.78%

GENERAL ELECTRIC

7.81%

RAYTHEON TECHNOLOGIES CORPORD

7.25%

LOCKHEED MARTIN

7.02%

US7731211089

4.86%

GENERAL DYNAMICS

4.33%

TRANSDIGM GROUP

4.02%

HOWMET AEROSPACE INC

3.98%

HEICO

3.80%

L3 HARRIS TECHNOLOGIES

3.72%

NORTHROP GRUMMAN

3.54%

AST SPACEMOBILE

3.14%

CURTISS WRIGHT

3.12%

KYG3730V1059

2.92%

Frequently asked questions about NATO and MISL

How have the NATO and MISL ETFs performed in 2026?

As of June 18, 2026, NATO is up 7% year-to-date (YTD), while MISL has returned 10.58%. That puts MISL better performer ahead so far this year.

Which ETF is attracting more investor money: NATO or MISL?

Year-to-date, the NATO ETF saw +$39M in flows, compared to -$560M for MISL.

Which ETF is more volatile: NATO or MISL?

Over the past year, NATO had a volatility of 20.19%, while MISL experienced 23.37%.

Which ETF is bigger: NATO or MISL?

As of June 18, 2026, NATO holds $100.69 M in assets under management (AUM), while MISL manages $834.27 M.

What sectors do the NATO and MISL ETFs invest in?

NATO leans toward sectors like Industrials. Meanwhile, MISL focuses on Industrials and Information Technology.

What are the top holdings of the NATO ETF and MISL ETF?

NATO top holdings include BOEING U, RAYTHEON TECHNOLOGIES CORPORD and GENERAL ELECTRIC. MISL holds in its top three: PALANTIR TECHNOLOGIES, BOEING U and GENERAL ELECTRIC.

Which ETF is more diversified: NATO or MISL?

NATO holds 76 securities with 76.57% of its assets in the top 15. MISL has 37 securities and a top 15 weight of 77.74%.

ETFs Reveal a Growing Gap in U.S. vs. EU Defense Stock Performance

March 5, 2025

NATO

NATOvsMISLETF Comparison

Themes Transatlantic Defense ETF

First Trust Indxx Aerospace & Defense ETF

NATO vs MISL performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the NATO and MISL ETFs performed in 2026?

As of June 18, 2026, NATO is up 7% year-to-date (YTD), while MISL has returned 10.58%. That puts MISL better performer ahead so far this year.

Which ETF is attracting more investor money: NATO or MISL?

Year-to-date, the NATO ETF saw +$39M in flows, compared to -$560M for MISL.

Which ETF is more volatile: NATO or MISL?

Over the past year, NATO had a volatility of 20.19%, while MISL experienced 23.37%.

Which ETF is bigger: NATO or MISL?

As of June 18, 2026, NATO holds $100.69 M in assets under management (AUM), while MISL manages $834.27 M.

What sectors do the NATO and MISL ETFs invest in?

NATO leans toward sectors like Industrials. Meanwhile, MISL focuses on Industrials and Information Technology.

What are the top holdings of the NATO ETF and MISL ETF?

NATO top holdings include BOEING U, RAYTHEON TECHNOLOGIES CORPORD and GENERAL ELECTRIC. MISL holds in its top three: PALANTIR TECHNOLOGIES, BOEING U and GENERAL ELECTRIC.

Which ETF is more diversified: NATO or MISL?

NATO holds 76 securities with 76.57% of its assets in the top 15. MISL has 37 securities and a top 15 weight of 77.74%.

ETFs Reveal a Growing Gap in U.S. vs. EU Defense Stock Performance

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