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
$ 7.3 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 +
| RTX CORP | 8.0 % |
| BOEING CO | 7.8 % |
| GE AEROSPACE | 7.5 % |
| LOCKHEED MARTIN CORP | 7.2 % |
| NORTHROP GRUMMAN CORP | 5.4 % |
| GENERAL DYNAMICS CORP | 4.8 % |
| HONEYWELL INTERNATIONAL INC | 4.4 % |
| L3HARRIS TECHNOLOGIES INC | 4.1 % |
| HOWMET AEROSPACE INC. | 3.8 % |
| PARKER HANNIFIN CORP | 3.2 % |
Constituent Breakdown
| Number of holdings | 53 |
| Herfindahl-Hirschman Index | 412 |
| Wgt avg mkt cap (mns) | $108,850 |
| Large cap (>$10bn) | 86.2% |
| Mid cap ($2-10bn) | 9.3% |
| Small cap (<$2bn) | 0.7% |
| Developed mkts. | 96.3% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 90.6 % |
 |
ISRAEL | 2.4 % |
 |
IRELAND | 2.3 % |
 |
CANADA | 1.0 % |
Historical Performance
Standardized Performance (as of 04/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 6.9% | 37.5% | 28.6% | 27.7% | 17.4% | 16.5% | 12.0% | 12.5% |
| Dividend Yield | 0.0% | 0.6% | 0.6% | 0.7% | 0.7% | 1.0% | 1.1% | 1.1% |
| Total Returns | 6.9% | 38.1% | 29.3% | 28.5% | 18.2% | 17.5% | 13.1% | 13.6% | Ann. Volatility | 24.1% | 18.4% | 19.6% | 17.6% | 18.4% | 20.6% | 20.9% | 20.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.91 | 38% |
| MSCI EAFE | 0.73 | 33% |
| MSCI Emg Mkts | 0.50 | 26% |
Liquidity Measures
| Avg. volume (000) | 270 |
| ADV traded (mns) | $46 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.06% |
Technical Indicators
| 30d moving avg. (EMA) | $169.15 |
| Relative strength (RSI) | 45 |
| MACD/Signal | -1.05/-1.29 |
| Bollinger Bands (Upper/Lower) | $173.55/$161.84 |
| 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 |
|---|---|---|---|---|
| MISL | First Trust Indxx Aerospace & Defense ETF | 64.3% | +2 bp | -0.2% |
| ITA | iShares U.S. Aerospace & Defense ETF | 61.0% | -18 bp | -0.3% |
| NATO | Themes Transatlantic Defense ETF | 57.7% | -23 bp | +0.2% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 43.9% | -23 bp | -0.2% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 42.7% | +2 bp | +1.7% |
| SHLD | Global X Defense Tech ETF | 41.1% | -8 bp | +1.3% |
| DUTY | U.S. Defense ETF | 35.0% | -13 bp | +0.6% |
| XLI | Industrial Select Sector SPDR | 30.4% | -50 bp | +2.1% |
| ROKT | State Street SPDR S&P Kensho Final Frontiers ETF | 29.2% | -13 bp | -1.2% |
| FIDU | Fidelity MSCI Industrial Index ETF | 27.4% | -50 bp | +1.9% |
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 5/24/2026
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
2.3%
ALTAR SCORE™
7th
PERCENTILE
AVOID
ETFRC RATING
There are 1,349 funds in the US Equity category with an average
ALTAR Score™ of 5.4% and a standard deviation
of 2.0%. 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
$206.67
PRICE TARGET
+21.4%
UPSIDE