Skip to content
etf.net

ARMY

GradeDNASDAQ Global Market

Tema International Defense Innovation ETF

Themes · Tema · Inception 2025-09-25 · SEC filings

$24.01+0.12 (+0.49%)

As of Sep 23, 2026, 2:58 PM EDT

History starts Mar 2, 2026.History starts Mar 2, 2026.
Intraday session: up, 29 prints from 23.89 to 24.01. Range 23.71 to 24.11. Use the arrow keys to read each point.$23.70$23.80$23.90$24.1010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$7M
1Y return
—
Yield · Last 12 months
—
Holdings
35
Volume · 30D
0M sh
NAV per share
$23.86
52W range
low $21.14high $28.96

The ETF.net ARMY Grade

D

26/ 100

Rank 24 of 26 in Defense & Aerospace⁠

Confidence Medium

Six-pillar profile for ARMY. Scores out of 100: Cost 14, Risk 21, Mission not scored, Tradability 27, Holdings 59, Durability 50. Strongest: Holdings (59). Weakest: Cost (14). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 26 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 14
    Category rank23/26 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 21
    Category rank24/25 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 27
    Category rank21/26 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 59
    Category rank13/26 · top 50%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 50
    Category rank16/26 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on ARMY

ETF.net Research

DMost defense ETFs are a bet on the Pentagon's vendor list. ARMY goes hunting further afield: an actively managed, compact book of aerospace and defense names, screened so at least half of a holding's revenue comes from defense itself.

Stated mandate

The fund pursues its investment objective by concentrating at least 80% of net assets in domestic and foreign publicly listed companies in the Aerospace and Defense sector, including defense-supporting businesses with an innovation focus.

Why people hold it

  1. 01Stock-picked, not index-tracked. The prospectus commits at least 80% of net assets to listed aerospace and defense companies, domestic and foreign.sec.gov
  2. 02The purity screen has teeth: holdings must draw 50% of revenue from defense equipment, defense tech and related sub-sectors, not conglomerates with a small military arm.sec.gov
  3. 03A different map from US-focused rivals like ITA and XAR: the mandate reaches allied and overseas builders in AI, drones, robotics and defense cyber.temaetfs.comsec.gov

Worth knowing

  1. 01Active management carries an active price: 0.75% a year, versus a 0.50% cohort median and index peers XAR (0.35%) and ITA (0.37%).
  2. 02Launched in 2025, still a small and thinly traded fund. Light volume can widen the spread you pay at the point of trade.
  3. 03A few dozen holdings plus heavy foreign exposure stacks currency and single-country policy risk on top of sector swings. The issuer flags high volatility.temaetfs.com

ARMY Holdings

As of Sep 20, 2026, 6:07 AM
Asset class
Stocks
Holdings
35
Top-10 weight
47%
Largest holding
ANDURIL SPV14.6%

Geography

  • United Kingdom22.03%
  • United States19.66%
  • Germany17.09%
  • France12.20%
  • Norway5.52%
  • Italy5.21%
  • Israel4.53%
  • Spain4.32%
  • Other countries (3)9.43%

Developed 91% · Emerging 9% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001ANDURIL SPVANDURIL SPV EXPOSURE14.58%7,692$1000K1
002ESLT.TAELBIT SYSTEMS LTD3.87%355$265K85
003KOG.OLKONGSBERG GRUPPEN ASA3.68%7,359$252K104
004RKLBROCKET LAB CORP3.66%3,889$251K237
005AM.PADASSAULT AVIATION SA3.65%759$250K80
006IDR.MCINDRA SISTEMAS SA3.64%3,517$250K93
007BA.LBAE SYSTEMS PLC3.57%9,028$245K134
008QQ.LQINETIQ GROUP PLC3.54%36,357$242K54
009HO.PATHALES SA3.53%884$242K122
010LDO.MILEONARDO-FINMECCANICA SPA3.52%4,162$241K110
011CHG.LCHEMRING GROUP PLC3.48%33,518$239K53
012RR.LROLLS-ROYCE HOLDINGS PLC3.42%12,058$234K148
013SAABB.STSAAB AB3.39%3,784$232K2
014HAG.DEHENSOLDT AG3.31%2,526$227K79
015BAB.LBABCOCK INTERNATIONAL GROUP PLC3.26%16,938$224K60

Showing 1–15 of 35 holdings

ARMY Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ARMY$10,039
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. ARMY $10,039. SPY $10,415. Use the arrow keys to read each point.$9,333$10,603$11,873Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ARMY. Periods over one year show the average yearly return.
PeriodARMY
Year to dateHistory unavailable—
1 month−9.1%
3 months+0.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ARMY
YearReturn barARMY
2026 YTD−13.7%

History from Mar 2, 2026

ARMY in the news

ETF.net Research hasn’t filed on ARMY yet — coverage lands here as it’s written.

ARMY Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Sep 2025. No distributions yet.

ARMY Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.51
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ARMY Cost

Expense ratio0.75%
  • The middle half of Defense & Aerospace funds
  • Median 0.50%

20 of the 25 Defense & Aerospace funds charge less.

ARMY costs $75.00 a year on $10,000. The median Defense & Aerospace fund costs $50.00.