FLDZ vs PPA

FLDZBTrueShares Patriot Defense ETF

PPABInvesco Aerospace & Defense ETF

In short

FLDZ A defense-stock ETF with an unusual arrangement: the adviser's management fee, less fund expenses, goes to the Folds of Honor Foundation. Launched in 2021 as a patriot-themed core equity fund, it now runs an active, concentrated book of aerospace and defense names.

PPA The 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.

Stated mandate

FLDZ The Fund seeks capital growth.

PPA 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

• FLDZ The adviser's management fee, less fund operating expenses, goes to Folds of Honor, a charity funding scholarships for families of fallen or disabled service members and first responders.true-shares.comtrue-shares.com 2
• Charges 0.40% a year, below the median for its actively managed US stock peers. The charitable angle does not arrive with a premium price tag attached.
• The mandate is spelled out: at least 80% of net assets in aerospace and defense companies as classified by GICS, with a policy of concentrating in that industry. No guessing what you own.sec.gov

• PPA 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

• FLDZ The strategy was rewritten in 2026 from broad US-economy equities to defense companies, so the fund's older track record reflects a different portfolio.sec.govsec.gov 2
• Non-diversified and concentrated in one industry, so a single contract award or budget headline moves it more than it would a broad market fund.sec.gov
• A small fund that trades thinly, so bid-ask spreads tend to run wider than on heavily traded ETFs. Limit orders matter more here.

• PPA 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

Full FLDZ profile⁠

Full PPA profile⁠