Owns aerospace and defense companies headquartered in NATO member countries, on both sides of the Atlantic, including through depositary receipts.
NATO, the Themes Transatlantic Defense ETF, is a $91 million ETF whose main story is the defense trade. Over the past year it returned −6.2%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
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 →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| NATO | −5.4% | −12.6% | −3.5% | −6.2% | – | – |
| 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 October 11, 2024: +21.2% a year.
$10,000 invested October 31, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if NATO traded for all of it.
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
NATO moves partly with the market. When the market has moved 1%, NATO has tended to move 0.93%.
NATO moves closely with the defense trade. When the defense trade has moved 1%, NATO has tended to move 1.08%.
Weekly returns over 102 weeks. The narrative is measured without NATO 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
NATO is the 4th 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
Common questions
What story is NATO selling?
NATO’s main story is the defense trade, which covers defense contractors, defense technology and the industrial companies around them, paid from government budgets.
Which ETFs compete with NATO?
The ETFs whose weekly returns move most like NATO’s over the past 3 years are PPA (0.93), WDGF (0.92) and ITA (0.91).
How has NATO performed against its story?
Over the past year NATO returned −6.2%, 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 0.89 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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