GDFN
Tema International Defense Innov ETF
The Tema International Defense Innov ETF seeks to provide investors with exposure to companies engaged in innovative defense technologies and solutions that enhance national security.
International
EQUITY
Active
MANAGEMENT STYLE
0.8 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Tema |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 24, 2025 |
| Assets (mns) | $1 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| SAAB CLASS B | 6.5 % |
| BABCOCK INTL GROUP PLC | 6.2 % |
| THALES SA | 5.8 % |
| DASSAULT AVIATION SA | 5.7 % |
| RHEINMETALL AG | 5.6 % |
| ELBIT SYSTEMS LTD | 5.4 % |
| LEONARDO SPA | 5.4 % |
| HENSOLDT AG | 5.4 % |
| BAE SYSTEMS PLC | 5.2 % |
| RENK GROUP AG | 4.4 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 422 |
| Wgt avg mkt cap (mns) | $52,775 |
| Large cap (>$10bn) | 73.6% |
| Mid cap ($2-10bn) | 15.9% |
| Small cap (<$2bn) | 3.8% |
| Developed mkts. | 0.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
BRITAIN | 21.6 % |
 |
UNITED STATES | 15.5 % |
 |
GERMANY | 13.8 % |
 |
FRANCE | 13.5 % |
 |
ITALY | 7.8 % |
 |
SWEDEN | 6.5 % |
 |
ISRAEL | 5.4 % |
 |
NETHERLANDS | 4.0 % |
 |
SPAIN | 3.7 % |
 |
NORWAY | 3.0 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -- | -- | -- | -- | -- | -- | -- | -4.5% |
| Dividend Yield | -- | -- | -- | -- | -- | -- | -- | -4.4% |
| Total Returns | -8.8% | -- | -- | -- | -- | -- | -- | -8.8% | Ann. Volatility | -- | -- | -- | -- | -- | -- | -- | 26.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 2.5% |
| Avg. Bid/Ask (% of price) | 0.53% |
Technical Indicators
| 30d moving avg. (EMA) | $24.07 |
| Relative strength (RSI) | 29 |
| MACD/Signal | -0.79/-0.66 |
| Bollinger Bands (Upper/Lower) | $25.38/$22.02 |
| Short interest (% of AUM) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GDFN |
Expenses vs. GDFN |
ALTAR Score™ vs. GDFN |
|---|---|---|---|---|
| SHLD | Global X Defense Tech ETF | 41.1% | -25 bp | +3.4% |
| JEDI | Defiance Drone and Modern Warfare ETF | 33.3% | -6 bp | 0.0% |
| NATO | Themes Transatlantic Defense ETF | 31.2% | -40 bp | +2.5% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 18.9% | -15 bp | +4.0% |
| PPA | Invesco Aerospace & Defense ETF | 15.7% | -17 bp | +2.5% |
| UFO | Procure Space ETF | 14.6% | 0 bp | +0.3% |
| SAGP | Strategas Global Policy Opportunities ETF | 13.8% | -10 bp | +5.6% |
| EXI | iShares Global Industrials ETF | 13.8% | -33 bp | +4.5% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 13.7% | -15 bp | +2.1% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 11.8% | -40 bp | +2.2% |
Risk and Returns: GDFN vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/25/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
GDFN
3.5%
Cat. Avg
7.0%
ALTAR Score™ Calculation
Category Overview
There are 269 funds in the International Equity category, with an average ALTAR Score™
of 7.0% and a standard deviation of
1.8%. GDFN's ALTAR Score™ is approximately
1.9 standard deviations
below
the category average. This places GDFN in the 3rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GDFNSELL
U/W
HOLD
O/W
BUY