Owns aerospace and defense companies in the US and abroad that earn at least half their revenue from building, running or supporting equipment for civilian and military defense.
ARMY, the Tema International Defense Innovation ETF, is a $7 million ETF whose main story is the defense trade. Over the past year it returned −13.7%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.7 of its exposure.
The defense trade →
Defense contractors, defense technology and the industrial companies around them, paid from government budgets.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLI | 38.8% | $29.83bn | +11.5% | 0.08% |
| 2 | ITA | 15.8% | $12.14bn | −0.5% | 0.37% |
| 3 | VIS | 11.1% | $8.52bn | +11.0% | 0.09% |
| 4 | PPA | 9.6% | $7.40bn | +0.1% | 0.58% |
| 5 | XAR | 7.2% | $5.54bn | −1.9% | 0.35% |
| 62 other ETFs | 17.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 67 ETFs on the narrative page →
Also carries: The productivity handoff →
Software, cloud and online retail: the companies that sell the work AI is starting to do.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| ARMY | −6.6% | −9.0% | −3.2% | −13.7% | – | – |
| The defense tradeits narrative | −3.2% | −10.2% | +4.9% | +5.2% | +24.3% | +14.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on September 25, 2025: −9.1% a year.
$10,000 invested September 30, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
ARMY moves partly with the market. When the market has moved 1%, ARMY has tended to move 1.46%.
ARMY moves closely with the defense trade. When the defense trade has moved 1%, ARMY has tended to move 1.59%.
Weekly returns over 53 weeks. The narrative is measured without ARMY in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The defense trade
Each dot is one of 25 unlevered ETFs whose main narrative is the defense trade, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
ARMY is the 26th cheapest of 30 ETFs in the defense trade. The dashed line is the middle of the group, 0.45% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Second narrative: not yet confirmed from a filing.
Common questions
What story is ARMY selling?
ARMY’s main story is the defense trade, which covers defense contractors, defense technology and the industrial companies around them, paid from government budgets. Its second is the productivity handoff.
Which ETFs compete with ARMY?
The ETFs whose weekly returns move most like ARMY’s over the past 3 years are WDEF (0.97), WDGF (0.96) and SHLD (0.95).
How has ARMY performed against its story?
Over the past year ARMY returned −13.7%, the ETFs carrying the defense trade +5.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.76 with the story. Past performance only.
Run an ETF in the defense trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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