Invesco Aerospace & Defense ETF
$153.19−1.30 (−0.84%)
- 0.58%
- $7.4B
- +1.5%
- 0.43%
- 0.2M sh
- $155.10
- low $144.29high $186.30
The ETF.net PPA Grade
B
Score 60 out of 100
- 6 of 26
Score 60 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.C40 out of 100Rank 16 of 26Mission
Whether the fund did what it promised, tested against its stated mandate.A76 out of 100Rank 2 of 4Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B64 out of 100Rank 6 of 26Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A88 out of 100Rank 3 of 26Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B56 out of 100Rank 14 of 26Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A94 out of 100Rank 2 of 26
Our read on PPA
BThe original defense ETF. PPA has tracked the SPADE Defense Index since 2005, and its net runs wider than jet engines: homeland security and government space work count too.
The Fund seeks exposure to companies involved in US defense, homeland security, and aerospace. It tracks the SPADE Defense Index and normally invests at least 90% of assets in its common stocks.
Why people hold it
- Launched in October 2005, PPA is the elder statesman of US defense funds, with a track record spanning two decades of shifting Pentagon budgets.invesco.com
- The index reaches past the big primes into homeland security and government space operations, so roughly 60 holdings cover the plumbing of national security, not just airframes.invesco.com
- Weighting is modified market cap, not raw market cap, which trims how much the largest contractors can pull the fund around.invesco.comspadeindex.com
- A multi-billion-dollar fund that pays quarterly and rates as one of the stronger builds in a crowded defense-theme group.
Worth knowing
- At 0.58% a year, PPA sits above the defense-cohort median of 0.50%, and above XAR (0.35%) and ITA (0.37%).
- It is a non-diversified, single-industry fund, so government budget priorities and contract news move it more than the broad market does.invesco.com
- The index provider decides which companies are systematically important to US defense, so the lineup rests partly on judgment, reviewed on a set schedule.spadeindex.com
PPA Holdings
- Stocks
- 70
- 60%
- RTX
Sectors
- Industrials88.9%
- Technology9.7%
- Materials1.1%
- Communication0.2%
- Financials0.1%
Geography
- United States94.37%
- Israel2.57%
- Ireland2.04%
- Canada1.01%
PPA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PPA$10,149
Returns run to the Oct 12, 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.
| Period | PPA |
|---|---|
| Year to date | −1.0% |
| 1 month | −4.2% |
| 3 months | −11.1% |
| 1 year | +1.5% |
| 3 years | +24.0% |
| 5 years | +16.6% |
| 10 years | +16.1% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PPA |
|---|---|---|
| 2026 YTD | −1.0% | |
| 2025 | +37.1% | |
| 2024 | +25.3% | |
| 2023 | +18.4% | |
| 2022 | +9.5% | |
| 2021 | +7.1% | |
| 2020 | +0.5% |
PPA in the news
PPA Dividends
- 0.43%
- $0.66
- $0.48 per share
- Quarterly
Distribution history
PPA Risk
- 16.1%
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.
- 1.22
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.
- −18.4%
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.
- 0.85
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PPA Cost
0.58%
PPA0.58%
- The middle half of Defense & Aerospace funds
- Median 0.50%
14 of the 25 Defense & Aerospace funds charge less.
Other funds in Defense & Aerospace
- BFOWFPacer Solactive Whitney Future of Warfare ETFExpense ratio 0.49%1 year return +10.0%
- BFLDZTrueShares Patriot Defense ETFExpense ratio 0.40%1 year return −6.3%
- BIDEFiShares Defense Industrials ActExpense ratio 0.55%1 year return −1.7%
- BWDGFWisdomTree Global Defense FundExpense ratio 0.45%1 year return −6.9%
- CSHLDGlobal X - Defense Tech ETFExpense ratio 0.50%1 year return −11.5%