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
4.4 B
ASSETS UNDER MGMT
58 bp
EXPENSES
Fund Basics
| Fund sponsor | Invesco |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 26, 2005 |
| Assets (mns) | $4,411 |
| Expense ratio | 58 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Committee |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| RTX CORP | 7.3 % |
| LOCKHEED MARTIN CORP | 6.9 % |
| GE AEROSPACE | 6.9 % |
| BOEING CO | 6.8 % |
| NORTHROP GRUMMAN CORP | 5.6 % |
| GENERAL DYNAMICS CORP | 5.2 % |
| HONEYWELL INTERNATIONAL INC | 4.6 % |
| HOWMET AEROSPACE INC. | 4.4 % |
| AXON ENTERPRISE INC | 4.4 % |
| L3HARRIS TECHNOLOGIES INC | 4.2 % |
Constituent Breakdown
| Number of holdings | 52 |
| Herfindahl-Hirschman Index | 420 |
| Wgt avg mkt cap (mns) | $81,389 |
| Large cap (>$10bn) | 88.9% |
| Mid cap ($2-10bn) | 10.0% |
| Small cap (<$2bn) | 1.2% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 95.6 % |
 |
IRELAND | 3.2 % |
 |
ISRAEL | 1.5 % |
 |
CANADA | 0.9 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 23.9% | 40.6% | 23.2% | 16.7% | 12.0% | 14.1% | 12.4% | Volatility | 13.4% | 13.1% | 14.3% | 17.5% | 23.8% | 19.9% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.77 | 51% |
| MSCI EAFE | 0.75 | 51% |
| MSCI Emg Mkts | 0.43 | 16% |
Liquidity Measures
| Avg. volume (000) | 192 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.06% |
| ADV of underlying (mns) | $17,952 |
Technical Indicators
| Recent close | $117.67 |
| 30d moving avg. | $116.31 |
| Annualized volatility | 18.5% |
| Relative strength (RSI) | 51 |
| Short interest (ETF) | 0.7% |
| Short interest (underlying) | 2.2% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PPA |
Expenses vs. PPA |
ALTAR Score™ vs. PPA |
|---|---|---|---|---|
| ITA | iShares U.S. Aerospace & Defense ETF | 64.6% | -18 bp | +0.3% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 61.3% | +2 bp | +0.2% |
| XAR | SPDR S&P Aerospace & Defense ETF | 57.0% | -23 bp | -0.5% |
| NATO | Themes Transatlantic Defense ETF | 56.8% | -23 bp | +0.8% |
| SHLD | Global X Defense Tech ETF | 41.6% | -8 bp | +2.2% |
| ROKT | SPDR S&P Kensho Final Frontiers ETF | 40.9% | -13 bp | 0.0% |
| XLI | Industrial Select Sector SPDR Fund | 31.7% | -49 bp | +1.7% |
| MADE | iShares U.S. Manufacturing ETF | 27.3% | -18 bp | +3.0% |
| FIDU | Fidelity MSCI Industrial Index ETF | 27.2% | -50 bp | +2.0% |
| VIS | Vanguard Industrials ETF | 26.4% | -48 bp | +1.7% |
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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 11/15/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
PPA
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
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
PPA
2.5%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 973 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. PPA's ALTAR Score™ is approximately
1.2 standard deviations
below
the category average. This places PPA in the 11st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
PPASELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| PPA (58 bp) Percentile rank | 64 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PPA | 58.0 | 5.5 | 63.5 |
| Peer Avg. | 46.8 | 16.9 | 63.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .