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
59.9 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) | $60 |
| 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 +
| RTX CORP | 9.0 % |
| GE AEROSPACE | 8.5 % |
| EADS NV | 6.7 % |
| BOEING CO | 6.7 % |
| HONEYWELL INTERNATIONAL INC | 6.0 % |
| ROLLS-ROYCE GROUP PLC | 5.7 % |
| SAFRAN SA | 4.7 % |
| LOCKHEED MARTIN CORP | 4.3 % |
| NORTHROP GRUMMAN CORP | 4.2 % |
| HOWMET AEROSPACE INC. | 4.2 % |
Constituent Breakdown
| Number of holdings | 71 |
| Herfindahl-Hirschman Index | 467 |
| Wgt avg mkt cap (mns) | $116,247 |
| Large cap (>$10bn) | 93.5% |
| Mid cap ($2-10bn) | 3.5% |
| Small cap (<$2bn) | 0.8% |
| Developed mkts. | 98.4% |
| Emerging mkts. | 0.3% |
Country Exposure
 |
UNITED STATES | 67.5 % |
 |
BRITAIN | 10.0 % |
 |
NETHERLANDS | 6.7 % |
 |
FRANCE | 6.2 % |
 |
GERMANY | 5.1 % |
 |
ITALY | 1.2 % |
 |
SWEDEN | 0.8 % |
 |
CANADA | 0.7 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 42.8% | 36.0% | -- | -- | -- | -- | -- | 37.4% |
| Dividend Yield | 0.0% | 0.1% | -- | -- | -- | -- | -- | 0.1% |
| Total Returns | 42.8% | 36.1% | -- | -- | -- | -- | -- | 37.5% | Ann. Volatility | 22.1% | 21.6% | -- | -- | -- | -- | -- | 21.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.73 | 43% |
| MSCI EAFE | 0.93 | 51% |
| MSCI Emg Mkts | 0.64 | 27% |
Liquidity Measures
| Avg. volume (000) | 16 |
| ADV traded (mns) | $1 |
| Turnover | 1.0% |
| Avg. Bid/Ask (% of price) | 0.65% |
Technical Indicators
| 30d moving avg. (EMA) | $37.15 |
| Relative strength (RSI) | 44 |
| MACD/Signal | -0.63/-0.54 |
| Bollinger Bands (Upper/Lower) | $39.00/$35.06 |
| Short interest (% of AUM) | 0.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NATO |
Expenses vs. NATO |
ALTAR Score™ vs. NATO |
|---|---|---|---|---|
| PPA | Invesco Aerospace & Defense ETF | 58.2% | +23 bp | +2.4% |
| ITA | iShares U.S. Aerospace & Defense ETF | 56.0% | +5 bp | +1.8% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 54.5% | +25 bp | +2.0% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 41.1% | +25 bp | +4.0% |
| SHLD | Global X Defense Tech ETF | 38.8% | +15 bp | +3.3% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 38.5% | 0 bp | +2.0% |
| GDFN | Tema International Defense Innov ETF | 30.7% | +40 bp | +3.3% |
| XLI | The Industrial Select Sector SPDR Fund | 28.8% | -27 bp | +4.4% |
| FIDU | Fidelity MSCI Industrial Index ETF | 28.1% | -27 bp | +4.4% |
| ROKT | State Street SPDR S&P Kensho Final Frontiers ETF | 26.8% | +10 bp | +1.8% |
Risk and Returns: NATO 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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 12/5/2025
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.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
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™
NATO
2.3%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 382 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.1%. NATO's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places NATO 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