ARMY
Tema International Defense ETF
The Tema International Defense Innov ETF seeks to provide investors with exposure to companies engaged in innovative defense technologies and solutions that enhance national security.
International
EQUITY
Active
MANAGEMENT STYLE
$ 12.1 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Inception date | Sep 24, 2025 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | None |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ANDURIL SPV EXPOSURE | 7.7 % |
| ELBIT SYSTEMS LTD | 4.2 % |
| KONGSBERG GRUPPEN ASA | 4.0 % |
| DASSAULT AVIATION SA | 3.9 % |
| SAAB CLASS B | 3.8 % |
| QINETIQ GROUP PLC | 3.8 % |
| INDRA SISTEMAS SA | 3.7 % |
| CHEMRING GROUP PLC | 3.7 % |
| BAE SYSTEMS PLC | 3.6 % |
| HENSOLDT AG | 3.6 % |
Constituent Breakdown
| Number of holdings | 34 |
| Herfindahl-Hirschman Index | 376 |
| Wgt avg mkt cap (mns) | $51,296 |
| Large cap (>$10bn) | 59.6% |
| Mid cap ($2-10bn) | 16.7% |
| Small cap (<$2bn) | 12.9% |
| Developed mkts. | 82.8% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
BRITAIN | 19.4 % |
 |
UNITED STATES | 16.3 % |
 |
GERMANY | 12.0 % |
 |
FRANCE | 10.0 % |
 |
AUSTRALIA | 6.1 % |
 |
NORWAY | 5.0 % |
 |
ITALY | 4.5 % |
 |
NETHERLANDS | 4.3 % |
 |
ISRAEL | 4.2 % |
 |
SWEDEN | 3.8 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.9% | -13.2% | -- | -- | -- | -- | -- | -9.0% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | -2.9% | -13.2% | -- | -- | -- | -- | -- | -9.0% | Ann. Volatility | 30.3% | 28.8% | -- | -- | -- | -- | -- | 28.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.95 | 18% |
| MSCI EAFE | 0.97 | 29% |
| MSCI Emg Mkts | 0.42 | 14% |
Liquidity Measures
| Avg. volume (000) | 7 |
| ADV traded (mns) | $0 |
| Turnover | 1.3% |
| Avg. Bid/Ask (% of price) | 0.48% |
Technical Indicators
| 30d moving avg. (EMA) | $23.53 |
| Relative strength (RSI) | 48 |
| MACD/Signal | 0.04/-0.07 |
| Bollinger Bands (Upper/Lower) | $24.19/$22.27 |
| Short interest (% of AUM) | 4.7% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. ARMY |
Expenses vs. ARMY |
ALTAR Score™ vs. ARMY |
|---|---|---|---|---|
| SHLD | Global X Defense Tech ETF | 38.0% | -25 bp | +0.7% |
| AMMO | VistaShares Defense Supercycle ETF | 35.6% | 0 bp | -0.9% |
| IDEF | iShares Defense Industrials Active ETF | 30.5% | -20 bp | -1.0% |
| NATO | Themes Transatlantic Defense ETF | 30.3% | -40 bp | -1.2% |
| FSPC | First Trust Bloomberg Space Economy ETF | 26.8% | -10 bp | -2.6% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 18.6% | -26 bp | +0.5% |
| DRNZ | REX Drone ETF | 15.9% | -10 bp | -7.0% |
| GALX | VistaShares Space Supercycle ETF | 15.6% | 0 bp | -3.0% |
| PPA | Invesco Aerospace & Defense ETF | 15.4% | -17 bp | -1.5% |
| UFO | Procure Space ETF | 14.6% | 0 bp | -4.4% |
Risk and Returns: ARMY 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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| 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 11/5/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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
3.8%
ALTAR SCORE™
3rd
PERCENTILE
AVOID
ETFRC RATING
There are 421 funds in the International Equity category with an average
ALTAR Score™ of 6.7% and a standard deviation
of 1.6%. ARMY's ALTAR Score™ is approximately -1.9 standard
deviations above the category average. This places ARMY in the 3rd percentile
among funds in the category.
Sell-Side Consensus
$29.47
PRICE TARGET
+31.5%
UPSIDE