NATO
Themes Transatlantic Defense ETF
The Themes Transatlantic Defense ETF seeks to provide investors with exposure to companies positioned to benefit from increased defense spending and geopolitical tensions in North America and Europe.
Global
EQUITY
Passive
MANAGEMENT STYLE
31.0 M
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | Themes |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 10, 2024 |
| Assets (mns) | $31 |
| Expense ratio | 35 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 +
| GE AEROSPACE | 8.9 % |
| BOEING CO | 7.9 % |
| HONEYWELL INTERNATIONAL INC | 7.5 % |
| RTX CORP | 7.1 % |
| LOCKHEED MARTIN CORP | 5.9 % |
| SAFRAN SA | 5.0 % |
| RHEINMETALL AG | 4.9 % |
| EADS NV | 4.7 % |
| BAE SYSTEMS PLC | 4.2 % |
| ROLLS-ROYCE GROUP PLC | 4.1 % |
Constituent Breakdown
| Number of holdings | 65 |
| Herfindahl-Hirschman Index | 471 |
| Wgt avg mkt cap (mns) | $69,207 |
| Large cap (>$10bn) | 89.4% |
| Mid cap ($2-10bn) | 7.9% |
| Small cap (<$2bn) | 1.0% |
| Developed mkts. | 97.6% |
| Emerging mkts. | 0.5% |
Country Exposure
 |
UNITED STATES | 67.1 % |
 |
BRITAIN | 9.2 % |
 |
FRANCE | 6.8 % |
 |
GERMANY | 6.4 % |
 |
NETHERLANDS | 4.7 % |
 |
ITALY | 1.3 % |
 |
SWEDEN | 0.9 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 32.5% | -- | -- | -- | -- | -- | -- | 32.8% |
| Dividend Yield | 0.0% | -- | -- | -- | -- | -- | -- | 0.1% |
| Total Returns | 32.5% | -- | -- | -- | -- | -- | -- | 32.9% | Ann. Volatility | 28.5% | -- | -- | -- | -- | -- | -- | 25.4% |
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) | 28 |
| ADV traded (mns) | $1 |
| Turnover | 3.1% |
| Avg. Bid/Ask (% of price) | 0.00% |
Technical Indicators
| Recent close | $34.04 |
| 30d moving avg. | $32.23 |
| Annualized volatility | 0.0% |
| Relative strength (RSI) | 69 |
| Short interest | 1.6% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| PPA | Invesco Aerospace & Defense ETF | 59.1% | +23 bp | +2.6% |
| ITA | iShares U.S. Aerospace & Defense ETF | 53.2% | +5 bp | +1.9% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 52.0% | +25 bp | +2.4% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 40.6% | +25 bp | +3.7% |
| XAR | SPDR S&P Aerospace & Defense ETF | 39.9% | 0 bp | +2.0% |
| ROKT | SPDR S&P Kensho Final Frontiers ETF | 31.5% | +10 bp | +2.0% |
| SHLD | Global X Defense Tech ETF | 31.5% | +15 bp | +3.1% |
| XLI | Industrial Select Sector SPDR Fund | 28.8% | -27 bp | +4.5% |
| VIS | Vanguard Industrials ETF | 23.6% | -25 bp | +4.8% |
| EXI | iShares Global Industrials ETF | 22.7% | +7 bp | +4.6% |
Risk and Returns: 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 6/15/2025
Peer Group Comparison Sample data. Subscribe for access.
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
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
2.5%
Cat. Avg
4.5%
ALTAR Score™ Calculation
Category Overview
There are 370 funds in the Global Equity category, with an average ALTAR Score™
of 4.5% and a standard deviation of
3.5%. 's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places in the 27th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NATOSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive Global Equity ETFs |
| # of ETFs | 53 |
| Avg. Expense Ratio | 50.8 bp |
| Std. Deviation | 22.4 bp |
| (35 bp) Percentile rank | 25 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 35.0 | 0.0 | 35 | |
| Peer Avg. | 56.2 | 40.5 | 96.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .