NATOvsPPAETF Comparison
VS
ETF 2
PPA
Invesco Aerospace & Defense ETF
Themes Transatlantic Defense ETF (NATO) belongs to the US Large Cap segment. Invesco Aerospace & Defense ETF (PPA) is part of the segment. NATO's top 3 sector exposures are Industrials, Information Technology and Consumer Discretionary. In contrast, PPA's top sector exposures are Industrials, Information Technology and Materials. NATO is less expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.58% for PPA. NATO is down -0.03% year-to-date (YTD) with +$42M in YTD flows. PPA performs better with 6.03% YTD performance, and +$716M in YTD flows. Run a side-by-side ETF comparison of NATO and PPA 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 PPA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | NATO PPA | -3.02%-1.64% | -9.88%-5.25% | -0.03%+6.03% | +31.68%+40.62% | n/a+108.01% | n/a+130.09% |
| Flows | NATO PPA | +$2M+$99M | +$28M+$577M | +$42M+$716M | +$77M+$1.43B | -+$2.97B | -+$4.02B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | NATO PPA | +26.10%+23.63% | +18.53%+18.21% | n/a+17.53% | n/a+18.26% |
| Max drawdown | NATO PPA | -14.82%-13.68% | -14.82%-13.68% | n/a-15.16% | n/a-18.41% |
| Max drawdown duration | NATO PPA | 53d53d | 53d53d | n/a171d | n/a227d |
Trading data
NATO | PPA | |
Last sale 4/27/2026 at 1:30 PM | $37.94 | $165.81 |
| Previous close 04/24/2026 | $37.88 | $166.07 |
| Consolidated volume 04/24/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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NATO | PPA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/27/2026 at 1:30 PM
Live
Closed
NATO | PPA | |
|---|---|---|
| Last price | $37.94 | $165.81 |
| 1D performance | +0.18% | -0.16% |
| AuM | $97.11 M | $7.94 B |
| E/R | 0.35% | 0.58% |
Characteristics
NATO | PPA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Themes Management Company | Invesco |
| Benchmark | Solactive Transatlantic Aerospace and Defense Index | SPADE Defense Index |
| N° of holdings | 59 | 51 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 10, 2024 | October 26, 2005 |
| ESG | No | No |
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Exposure
Countries
NATO
USA
66.36%
United Kingdom
11.02%
Other
22.62%
PPA
USA
93.85%
Other
6.15%
Sectors
NATO
Industrials
91.91%
Other
8.09%
PPA
Industrials
87.55%
Other
12.45%
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Diversification
NATO
Total weight of top 15 holdings out of 15
77.94%
PPA
Total weight of top 15 holdings out of 15
72.93%
Top 15 holdings
Data as of March 31, 2026
NATO
RAYTHEON TECHNOLOGIES CORPORD
8.77%
GENERAL ELECTRIC
7.35%
BOEING U
6.88%
ROLLS-ROYCE HOLDINGS
5.90%
LOCKHEED MARTIN
5.89%
HONEYWELL INTL
5.50%
SAFRAN
5.27%
AIRBUS SE
5.14%
NORTHROP GRUMMAN
4.79%
HOWMET AEROSPACE INC
4.44%
BAE SYSTEMS
4.24%
GENERAL DYNAMICS
3.77%
RHEINMETALL
3.70%
L3 HARRIS TECHNOLOGIES
3.18%
TRANSDIGM GROUP
3.12%
PPA
LOCKHEED MARTIN
9.36%
RAYTHEON TECHNOLOGIES CORPORD
8.76%
GENERAL ELECTRIC
7.70%
BOEING U
7.53%
NORTHROP GRUMMAN
6.36%
GENERAL DYNAMICS
5.21%
L3 HARRIS TECHNOLOGIES
4.52%
HONEYWELL INTL
4.43%
HOWMET AEROSPACE INC
4.26%
ELBIT SYSTEMS
3.57%
PARKER HANNIFIN
3.20%
TRANSDIGM GROUP
2.41%
AMPHENOL
2.28%
EATON CORP PLC
1.84%
CURTISS WRIGHT
1.49%
Frequently asked questions about NATO and PPA
How have the NATO and PPA ETFs performed in 2026?
As of April 24, 2026, NATO is down -0.03% year-to-date (YTD), while PPA has returned 6.03%. That puts PPA better performer ahead so far this year.
Which ETF is attracting more investor money: NATO or PPA?
Year-to-date, the NATO ETF saw +$42M in flows, compared to +$716M for PPA.
Which ETF is more volatile: NATO or PPA?
Over the past year, NATO had a volatility of 18.53%, while PPA experienced 18.21%.
Which ETF is bigger: NATO or PPA?
As of April 24, 2026, NATO holds $97.11 M in assets under management (AUM), while PPA manages $7.94 B.
What sectors do the NATO and PPA ETFs invest in?
NATO leans toward sectors like Industrials. Meanwhile, PPA focuses on Industrials.
What are the top holdings of the NATO ETF and PPA ETF?
NATO top holdings include RAYTHEON TECHNOLOGIES CORPORD, GENERAL ELECTRIC and BOEING U. PPA holds in its top three: LOCKHEED MARTIN, RAYTHEON TECHNOLOGIES CORPORD and GENERAL ELECTRIC.
Which ETF is more diversified: NATO or PPA?
NATO holds 76 securities with 77.94% of its assets in the top 15. PPA has 60 securities and a top 15 weight of 72.93%.
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