PPA
Invesco Aerospace & Defense ETF
Invesco Aerospace & Defense Portfolio seeks investment results that correspond to the price and yield of the SPADE(TM) Defense Index, which tracks stocks of companies involved in the defense industry.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 8.6 B
ASSETS UNDER MGMT
58 bp
EXPENSES
Fund Basics
| Inception date | Oct 26, 2005 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Quarterly |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| GE AEROSPACE | 9.3 % |
| BOEING CO | 8.5 % |
| RTX CORP | 7.2 % |
| LOCKHEED MARTIN CORP | 6.0 % |
| HOWMET AEROSPACE INC. | 4.6 % |
| HONEYWELL INTERNATIONAL INC | 4.5 % |
| GENERAL DYNAMICS CORP | 4.4 % |
| NORTHROP GRUMMAN CORP | 3.8 % |
| PARKER HANNIFIN CORP | 3.8 % |
| ROCKET LAB CORP | 3.4 % |
Constituent Breakdown
| Number of holdings | 63 |
| Herfindahl-Hirschman Index | 412 |
| Wgt avg mkt cap (mns) | $108,850 |
| Large cap (>$10bn) | 91.0% |
| Mid cap ($2-10bn) | 7.4% |
| Small cap (<$2bn) | 0.4% |
| Developed mkts. | 98.8% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 92.7 % |
 |
ISRAEL | 3.2 % |
 |
IRELAND | 2.2 % |
 |
CANADA | 0.7 % |
Historical Performance
Standardized Performance (as of 06/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 12.8% | 24.7% | 31.1% | 27.9% | 18.6% | 16.8% | 12.6% | 12.7% |
| Dividend Yield | 0.1% | 0.5% | 0.6% | 0.7% | 0.7% | 1.0% | 1.1% | 1.1% |
| Total Returns | 12.9% | 25.2% | 31.8% | 28.6% | 19.4% | 17.8% | 13.7% | 13.8% | Ann. Volatility | 24.3% | 20.2% | 20.5% | 18.2% | 18.7% | 20.7% | 21.0% | 20.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.99 | 37% |
| MSCI EAFE | 0.80 | 38% |
| MSCI Emg Mkts | 0.45 | 26% |
Liquidity Measures
| Avg. volume (000) | 209 |
| ADV traded (mns) | $38 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.06% |
Technical Indicators
| 30d moving avg. (EMA) | $173.36 |
| Relative strength (RSI) | 57 |
| MACD/Signal | 1.47/0.93 |
| Bollinger Bands (Upper/Lower) | $180.11/$167.33 |
| Short interest (% of AUM) | 0.2% |
Distributions
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. PPA |
Expenses vs. PPA |
ALTAR Score™ vs. PPA |
|---|---|---|---|---|
| ITA | iShares U.S. Aerospace & Defense ETF | 68.1% | -18 bp | -0.4% |
| NATO | Themes Transatlantic Defense ETF | 62.1% | -23 bp | +0.2% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 61.0% | +2 bp | 0.0% |
| AV | Corgi Aerospace & Commercial Aviation ETF | 50.8% | -23 bp | +1.5% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 47.5% | -23 bp | -0.1% |
| TSSD | Truth Social American Security & Defense ETF | 40.2% | +7 bp | +0.6% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 38.7% | +2 bp | +1.9% |
| SHLD | Global X Defense Tech ETF | 36.9% | -8 bp | +1.6% |
| ROKT | State Street SPDR S&P Kensho Final Frontiers ETF | 34.1% | -13 bp | -1.0% |
| WR | Corgi U.S. War Machine ETF | 32.2% | -23 bp | +4.2% |
Risk and Returns: PPA 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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| 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 | 2025 | 2026 | 2027 | |
| 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 7/6/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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
2.2%
ALTAR SCORE™
7th
PERCENTILE
AVOID
ETFRC RATING
There are 1,395 funds in the US Equity category with an average
ALTAR Score™ of 5.3% and a standard deviation
of 2.1%. PPA's ALTAR Score™ is approximately -1.5 standard
deviations above the category average. This places PPA in the 7th percentile
among funds in the category.
Sell-Side Consensus
$211.69
PRICE TARGET
+16.9%
UPSIDE