PPAvsMISLETF Comparison
ETF 1
PPA
Invesco Aerospace & Defense ETF
VS
ETF 2
MISL
First Trust Indxx Aerospace & Defense ETF
Invesco Aerospace & Defense ETF (PPA) and First Trust Indxx Aerospace & Defense ETF (MISL) belong to the same industry segment: . PPA's top 3 sector exposures are Industrials, Technology and Non-Energy Materials. In contrast, MISL's top sector exposures are Industrials, Business Services and Telecommunications. PPA is less expensive with a Total Expense Ratio (TER) of 0.58%, versus 0.6% for MISL. PPA is up 12% year-to-date (YTD) with +$629M in YTD flows. MISL performs worse with 1.61% YTD performance, and -$578M in YTD flows. Run a side-by-side ETF comparison of PPA 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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PPA vs MISL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PPA MISL | +2.43%-2.23% | +5.63%-2.58% | +12.00%+1.61% | +20.21%+10.35% | +109.93%+88.49% | +142.29%n/a |
| Flows | PPA MISL | +$13M-$18M | -$91M-$735M | +$629M-$578M | +$1.02B+$500M | +$2.88B+$599M | +$3.96B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PPA MISL | +23.53%+28.69% | +20.51%+24.13% | +18.32%+20.16% | +18.61%n/a |
| Max drawdown | PPA MISL | -8.09%-14.16% | -13.68%-16.91% | -15.16%-17.72% | -18.41%n/a |
| Max drawdown duration | PPA MISL | 18d56d | 144d185d | 171d184d | 227dn/a |
Trading data
PPA | MISL | |
Last sale 7/24/2026 at 1:30 PM | $175.26 | $43.48 |
| Previous close 07/23/2026 | $174.26 | $43.43 |
| Consolidated volume 07/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 2026
1-year trailing difference
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PPA | MISL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/24/2026 at 1:30 PM
Live
Closed
PPA | MISL | |
|---|---|---|
| Last price | $175.26 | $43.48 |
| 1D performance | +0.57% | +0.12% |
| AuM | $8.29 B | $749.21 M |
| E/R | 0.58% | 0.6% |
Characteristics
PPA | MISL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | First Trust |
| Benchmark | SPADE Defense Index | Indxx US Aerospace and Defense Index |
| N° of holdings | 60 | 38 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 26, 2005 | October 26, 2022 |
| ESG | No | No |
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Exposure
Countries
PPA
USA
89.53%
Other
10.47%
MISL
USA
92.43%
Other
7.57%
Sectors
PPA
Industrials
83.1%
Other
16.9%
MISL
Industrials
80.23%
Business Services
8.28%
Other
11.49%
Diversification
PPA
Total weight of top 15 holdings out of 15
67.56%
MISL
Total weight of top 15 holdings out of 15
77.73%
Top 15 holdings
Data as of June 30, 2026
PPA
GE Aerospace
9.76%
The Boeing Co.
8.44%
RTX Corp.
7.44%
Lockheed Martin Corp.
6.11%
Howmet Aerospace, Inc.
4.51%
General Dynamics Corp.
4.45%
Parker-Hannifin Corp.
3.89%
Northrop Grumman Corp.
3.76%
L3Harris Technologies, Inc.
3.34%
Elbit Systems Ltd.
2.98%
TransDigm Group, Inc.
2.92%
Rocket Lab Corp.
2.77%
Amphenol Corp.
2.54%
US4385162056
2.42%
US43849R1059
2.22%
MISL
GE Aerospace
8.93%
The Boeing Co.
7.38%
Palantir Technologies, Inc.
7.21%
US84615Q1031
7.19%
RTX Corp.
6.99%
Lockheed Martin Corp.
6.24%
Rocket Lab Corp.
5.40%
HEICO Corp.
4.45%
TransDigm Group, Inc.
3.98%
General Dynamics Corp.
3.98%
Howmet Aerospace, Inc.
3.89%
AST Spacemobile, Inc.
3.33%
L3Harris Technologies, Inc.
3.03%
Curtiss-Wright Corp.
2.90%
Northrop Grumman Corp.
2.83%
Frequently asked questions about PPA and MISL
How have the PPA and MISL ETFs performed in 2026?
As of July 24, 2026, PPA is up 12% year-to-date (YTD), while MISL has returned 1.61%. That puts PPA better performer ahead so far this year.
Which ETF is attracting more investor money: PPA or MISL?
Year-to-date, the PPA ETF saw +$629M in flows, compared to -$578M for MISL.
Which ETF is more volatile: PPA or MISL?
Over the past year, PPA had a volatility of 20.51%, while MISL experienced 24.13%.
Which ETF is bigger: PPA or MISL?
As of July 24, 2026, PPA holds $8.29 B in assets under management (AUM), while MISL manages $749.21 M.
What sectors do the PPA and MISL ETFs invest in?
PPA leans toward sectors like Industrials. Meanwhile, MISL focuses on Industrials and Business Services.
What are the top holdings of the PPA ETF and MISL ETF?
PPA top holdings include GE Aerospace, The Boeing Co. and RTX Corp.. MISL holds in its top three: GE Aerospace, The Boeing Co. and Palantir Technologies, Inc..
Which ETF is more diversified: PPA or MISL?
PPA holds 61 securities with 67.56% of its assets in the top 15. MISL has 38 securities and a top 15 weight of 77.73%.
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PPA
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