Invesco Aerospace & Defense ETF
$159.94+0.34 (+0.21%)
- Expense ratio
- 0.58%
- Fund size
- $7.7B
- 1Y return
- +5.6%
- Yield · Last 12 months
- 0.41%
- Holdings
- 62
- Volume · 30D
- 0.2M sh
- NAV per share
- $161.21
- 52W range
The ETF.net PPA Grade
Score 62 of 100 sits in the B 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.CScore 40Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 76Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 67Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 90Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 69Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 93Category rank
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
- 62
- 54%
- RTX
Sectors
- Industrials86.7%
- Technology11.5%
- Materials1.5%
- Communication0.2%
- Financials0.1%
Geography
- United States93.60%
- Israel3.40%
- Ireland2.21%
- Canada0.78%
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$10,557
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.
| Period | PPA |
|---|---|
| Year to date | +2.3% |
| 1 month | −7.8% |
| 3 months | −7.3% |
| 1 year | +5.6% |
| 3 years | +26.9% |
| 5 years | +18.3% |
| 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 | +2.3% | |
| 2025 | +37.1% | |
| 2024 | +25.3% | |
| 2023 | +18.4% | |
| 2022 | +9.5% | |
| 2021 | +7.1% | |
| 2020 | +0.5% |
PPA in the news
PPA Dividends
- 0.41%
- $0.66
- $0.48 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.48 |
| Jun 22, 2026 | Jun 26, 2026 | $0.14 |
| Mar 23, 2026 | Mar 27, 2026 | $0.05 |
| Sep 22, 2025 | Sep 26, 2025 | $0.45 |
| Jun 23, 2025 | Jun 27, 2025 | $0.16 |
| Mar 24, 2025 | Mar 28, 2025 | $0.05 |
| Dec 23, 2024 | Dec 27, 2024 | $0.31 |
| Sep 23, 2024 | Sep 27, 2024 | $0.13 |
| Jun 24, 2024 | Jun 28, 2024 | $0.14 |
| Mar 18, 2024 | Mar 22, 2024 | $0.11 |
| Dec 18, 2023 | Dec 22, 2023 | $0.27 |
| Sep 18, 2023 | Sep 22, 2023 | $0.12 |
PPA Risk
- 15.8%
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.
- 1.27
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.