PPA holdings and overlap
Invesco Aerospace & Defense ETF (PPA) holds 66 positions in its Invesco file of 2026-10-24. Its three largest are Lockheed Martin (LMT) at 9.54%, RTX (RTX) at 9.33% and Boeing (BA) at 8.88%, and its ten largest make up 62.0% of the fund.
In its Invesco file of 2026-10-24, PPA is 91.7% industrials, 6.7% technology and 1.1% communication services by sector, with none of it in mega-cap tech and 0.9% in the ten largest US companies by market value. By country, 96.4% of PPA is in the United States, 2.9% in Israel.
What does PPA hold, as of its issuer file of 2026-10-24?
PPA keeps 62.0% of its weight in its ten largest positions, against a median of 37.8% across the 17 Industrials funds with a page here. The position PPA carries furthest above that group is Boeing at 8.88% of the fund, against a 1.58% median there.
| Rank | Company | Weight | Weight bar |
|---|---|---|---|
| 1 | LMT Lockheed Martin | 9.54% | |
| 2 | RTX RTX | 9.33% | |
| 3 | BA Boeing | 8.88% | |
| 4 | GE GE Aerospace | 8.36% | |
| 5 | GD General Dynamics | 5.53% | |
| 6 | NOC Northrop Grumman | 5.4% | |
| 7 | LHX L3Harris | 4.06% | |
| 8 | HONA Honeywell Aerospace Inc | 4.05% | |
| 9 | TDG TransDigm Group | 3.46% | |
| 10 | HWM Howmet Aerospace | 3.42% | |
| 11 | PH Parker Hannifin | 3.41% | |
| 12 | ESLT Elbit Systems | 2.9% | |
| 13 | AXON Axon Enterprise | 2.09% | |
| 14 | APH Amphenol | 2.08% | |
| 15 | PLTR Palantir Technologies | 1.77% | |
| 16 | ETN Eaton | 1.75% | |
| 17 | ATI ATI | 1.24% | |
| 18 | HEI Heico | 1.21% | |
| 19 | LDOS Leidos | 1.05% | |
| 20 | CW Curtiss-Wright Corp | 1.04% | |
| 21 | CACI CACI International | 0.97% | |
| 22 | WWD Woodward | 0.96% | |
| 23 | SPCX Space Exploration Technologies Corp | 0.93% | |
| 24 | HII Huntington Ingalls Industries | 0.92% | |
| 25 | TXT Textron | 0.87% | |
| 26 | CRS Carpenter Technology | 0.81% | |
| 27 | RKLB Rocket Lab | 0.78% | |
| 28 | TDY Teledyne Technologies | 0.72% | |
| 29 | DRS Leonardo DRS | 0.69% | |
| 30 | CAE CAE | 0.67% | |
| 31 | MOG.A Moog Inc | 0.67% | |
| 32 | BWXT BWX Technologies | 0.66% | |
| 33 | KEYS Keysight Technologies | 0.65% | |
| 34 | VSAT ViaSat | 0.64% | |
| 35 | BAH Booz Allen Hamilton | 0.62% | |
| 36 | SARO StandardAero Inc | 0.59% | |
| 37 | KTOS Kratos Defense & Security Solutions | 0.56% | |
| 38 | HXL Hexcel | 0.51% | |
| 39 | AVAV AeroVironment | 0.51% | |
| 40 | KRMN Karman Holdings Inc | 0.43% | |
| 41 | SAIC Science Applications International | 0.4% | |
| 42 | MRCY Mercury Systems | 0.39% | |
| 43 | MDA MDA Space Ltd | 0.38% | |
| 44 | LOAR Loar | 0.35% | |
| 45 | AIR AAR | 0.32% | |
| 46 | KBR KBR | 0.28% | |
| 47 | TTMI TTM Technologies | 0.26% | |
| 48 | PL Planet Labs PBC | 0.25% | |
| 49 | AMTM Amentum Holdings Inc | 0.24% | |
| 50 | OSK Oshkosh Corporation (Holding Company) | 0.21% | |
| 51 | OSIS OSI Systems | 0.19% | |
| 52 | DCO Ducommun | 0.19% | |
| 53 | VVX V2X | 0.19% | |
| 54 | FLY Firefly Aerospace Inc | 0.17% | |
| 55 | RDW Redwire | 0.17% | |
| 56 | ONDS Ondas | 0.17% | |
| 57 | IRDM Iridium Communications | 0.16% | |
| 58 | PSN Parsons | 0.15% | |
| 59 | AADX Applied Aerospace & Defense Inc | 0.15% | |
| 60 | LASR nLIGHT | 0.12% | |
| 61 | HAWK Hawkeye 360 Inc | 0.1% | |
| 62 | LYNX Lyntris Inc | 0.1% | |
| 63 | CDRE Cadre | 0.1% | |
| 64 | VOYG Voyager Technologies Inc | 0.09% | |
| 65 | BKSY BlackSky Technology | 0.06% | |
| 66 | AVEX Aevex Corp | 0.05% |
The most recent file Invesco has published for PPA is dated 2026-10-24, 4 days before these prices, which is the median for the Invesco ETFs covered here. Every one of the 66 positions PPA holds, with its weight, is in the fund's JSON file. See the other 96 ETFs with a page here that hold LMT, and how their weights compare with the 9.54% PPA gives it.
Category: Industrials, set by TickerInside from the ETF's own latest file. In its file of 2026-10-24, 92% of its stocks whose sector is known are industrials companies, each in the sector the site gives that company. How categories are set.
https://tickerinside.com/api/v1/fund/ppa.jsonhttps://tickerinside.com/api/v1/fund/ppa.csv=IMPORTDATA("https://tickerinside.com/api/v1/fund/ppa.csv")If your sheet uses a decimal comma: =IMPORTDATA("https://tickerinside.com/api/v1/fund/ppa.csv"; ","; "en_US")curl -s https://tickerinside.com/api/v1/fund/ppa.jsonHow much money went into or out of PPA?
On the close of Friday, October 23, 2026, $6.2 million came out of PPA, 0.09% of its assets, as it redeemed shares. Over its last 5 closes, a net outflow of $19 million.
From PPA's own holdings files. Every ETF's latest flows.
How is PPA split by sector and country?
| Sector | Weight | Weight bar |
|---|---|---|
| Industrials | 91.7% | |
| Technology | 6.7% | |
| Communication services | 1.1% | |
| No sector found | 0.5% |
| Country | Weight | Weight bar |
|---|---|---|
| United States | 96.4% | |
| Israel | 2.9% | |
| Canada | 0.7% |
From its Invesco file of 2026-10-24. How these are measured.
What did PPA hold in its SEC reports since 2019?
In PPA's SEC filings, its largest position went from UTX at 7.60% on 2019-10-31 to RTX Corporation (RTX) at 8.30% on 2026-07-31, across 26 quarterly reports.
| Report | Positions | Largest | Top 10 |
|---|---|---|---|
| 2019-10-31 | 46 | UTX 7.60% | 56.8% |
| 2020-10-31 | 51 | HON 7.75% | 55.9% |
| 2021-10-31 | 52 | RTX 6.38% | 52.2% |
| 2022-10-31 | 53 | LMT 7.20% | 55.4% |
| 2023-10-31 | 50 | RTX 7.09% | 53.3% |
| 2024-10-31 | 52 | RTX 7.51% | 55.9% |
| 2025-10-31 | 59 | RTX 8.46% | 55.7% |
| 2026-07-31 | 61 | RTX 8.30% | 54.7% |
The first report, then the last of each year, of the 26 reports PPA filed on SEC Form N-PORT from 2019-10-31 to 2026-07-31, each company under its ticker today. Every position of every report is in its quarterly file, and at any date at /api/v1/history/ppa/{date}.json. How these are read.
What does PPA duplicate?
The ETF nearest to PPA is ITA: the two hold 69.7% of their weight in common, in the 36 companies both own, and 78.6% of PPA itself is also held there. Owning PPA alongside the ETFs at the top of this table means about half of the weight is held twice.
| ETF | Overlap by weight | Of PPA held there | Of that ETF in PPA | Companies in both | Overlap bar |
|---|---|---|---|---|---|
| ITA | 69.7% | 78.6% | 95.8% | 36 | |
| XAR | 47.4% | 78.6% | 87.3% | 37 | |
| ROKT | 37.1% | 64.2% | 75.8% | 28 | |
| XLI | 28.4% | 72.2% | 29.5% | 16 | |
| VIS | 26.6% | 83.7% | 27.4% | 45 | |
| MADE | 26.5% | 73.1% | 32.1% | 34 | |
| IYJ | 22.1% | 82.8% | 22.3% | 33 | |
| FITE | 21.6% | 60.0% | 35.5% | 34 | |
| UFO | 21.4% | 45.4% | 48.1% | 18 | |
| RSPN | 18.0% | 72.2% | 18.8% | 16 | |
| EXI | 16.4% | 72.8% | 16.4% | 17 | |
| PRN | 12.5% | 22.2% | 17.1% | 5 |
VIS's holdings are from its SEC Form N-PORT for the period ended 2026-05-31, filed 2026-07-29. UFO's holdings are from its SEC Form N-PORT for the period ended 2026-07-31, filed 2026-09-29. The other ETFs' holdings are from their issuers' latest files. Check PPA against any ETF in the ETF overlap calculator · how overlap is measured.
What adds something different to PPA?
MCHI shares 0% of weight with PPA and its weekly returns correlate with it at 0.25 over three years. The table lists the covered ETFs with the least in common with PPA, least shared weight first and, among equals, lowest correlation.
| ETF | Name | Overlap by weight | Correlation, 3y | Companies in both |
|---|---|---|---|---|
| MCHI | iShares MSCI China ETF | 0.0% | 0.25 | 0 |
| RING | iShares MSCI Global Gold Miners ETF | 0.0% | 0.40 | 0 |
| SLVP | iShares MSCI Global Silver and Metals Miners ETF | 0.0% | 0.40 | 0 |
| IYR | iShares U.S. Real Estate ETF | 0.0% | 0.42 | 0 |
| USRT | iShares Core U.S. REIT ETF | 0.0% | 0.44 | 0 |
| REET | iShares Global REIT ETF | 0.0% | 0.47 | 0 |
| SOXX | iShares Semiconductor ETF | 0.0% | 0.52 | 0 |
| PFF | iShares Preferred and Income Securities ETF | 0.0% | 0.53 | 0 |
Cost, returns and risk
| Expense ratio | 0.58% |
|---|---|
| Dividend yield | 0.43% |
| Total return, 1 year | 0.5% |
| Total return, 3 years cumulative | 91.4% |
| Total return, 5 years cumulative | 115.9% |
| Volatility, annualised | 18.6% |
| Worst fall, 3 years | -16.5% |
| Beta against SPY, 3 years of weekly returns | 0.95 |
| Weight in the ten largest positions | 62.0% |
| Largest single position | 9.5% |
| Assets under management | $7.4B |
Expense ratio, yield and assets are reference data (the expense ratio from PPA's SEC filing of 2026-08-27); the weight in the ten largest positions and the largest single position are from the issuer file of 2026-10-24; every other figure is computed here from weekly closes.
How it moves with the market
| Against | Correlation, 3 years | Covariance, annualised, in percent squared |
|---|---|---|
| SPY | 0.71often in step | 183 |
| QQQ | 0.60loosely linked | 215 |
Weekly total returns. What the bands mean · why the covariance is printed.
Year by year
| Year | Total return |
|---|---|
| 2026 | 1.3% |
| 2025 | 37.1% |
| 2024 | 25.3% |
| 2023 | 18.4% |
| 2022 | 9.5% |
One year
Where to go next
- PRN, Invesco Dorsey Wright Industrials Momentum ETF
- PSCI, Invesco S&P SmallCap Industrials ETF
- ROKT, State Street SPDR S&P Kensho Final Frontiers ETF
- RSPN, Invesco S&P 500 Equal Weight Industrials ETF
- Run a portfolio x-ray to see what PPA carries once you look through it
- Compare PPA against any other ETF in the builder
Holdings from the most recent file Invesco has published, dated 2026-10-24. Prices through 2026-10-28. How every figure here is produced. Measurements, not investment advice.
Cite this page
TickerInside, Invesco Aerospace & Defense ETF (PPA), holdings from the issuer's file of 2026-10-24, https://tickerinside.com/etf/ppa/, CC BY 4.0
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