Browse all 702 ETFs by category, no search needed
Global 190
US market 67
Country 94
Core UCITS 15
Sector 108
Style & factor 126
Theme 61
Dividend 41
Themes Transatlantic Defense (NATO) Overvalued or undervalued?
Look-through valuation · Theme · Expense ratio 0.34 % · ISIN US8829277677
Price history (since 2024)
Monthly close since 2024. Price shows performance, the valuation verdict is in the look-through above.
NATO holdings and fair value
Show all 86 holdings
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Textron Inc TXT | 0.8 % | −7.6 % | 65 |
| Heico Corporation HEI | 0.7 % | −29.1 % | 64 |
| BWX Technologies Inc BWXT | 0.7 % | −65.7 % | 53 |
| Huntington Ingalls Industries Inc HII | 0.6 % | −21.4 % | 57 |
| Moog Inc MOG-A | 0.5 % | −64.4 % | 56 |
| Crane Co CZN | 0.5 % | n/a | n/a |
| Aselsan Elektronik Sanayi ve Ticaret AS ASELS | 0.4 % | −77.4 % | 45 |
| Melrose Industries PLC 27M | 0.4 % | n/a | n/a |
| Kratos Defense & Security Solutions KTOS | 0.4 % | −92.9 % | 26 |
| First American Funds Inc. - Treasury Obligations Fund FXFXX | 0.4 % | n/a | n/a |
| Hensoldt AG HAG | 0.3 % | −59.6 % | 40 |
| Hexcel Corporation HXL | 0.3 % | −61.0 % | 64 |
| Dassault Aviation SA | 0.3 % | +11.0 % | 63 |
| AeroVironment Inc AVAV | 0.2 % | n/a | n/a |
| Mercury Systems Inc MRCY | 0.2 % | −74.1 % | 48 |
| Mirion Technologies Inc MIR | 0.2 % | −66.4 % | 42 |
| AAR Corp AIR | 0.2 % | −52.7 % | 40 |
| Arxis, Inc. Class A Common Stock ARXS | 0.2 % | −74.5 % | 67 |
| Qinetiq Group PLC QQ | 0.2 % | −18.5 % | 74 |
| OSI Systems Inc OSIS | 0.2 % | +18.2 % | 60 |
| Renk Group AG R3NK | 0.2 % | −42.5 % | 61 |
| Karman Holdings Inc. KRMN | 0.2 % | −90.8 % | 38 |
| Amentum Holdings Inc. AMTM | 0.2 % | −47.5 % | 44 |
| Joby Aviation JOBY | 0.1 % | −81.6 % | 30 |
| Archer Aviation Inc ACHR | 0.1 % | −52.4 % | 32 |
| Beta Technologies, Inc. BETA | 0.1 % | −68.4 % | 39 |
| CSG N.V. CSG | 0.1 % | +2.4 % | 46 |
| Ducommun Incorporated DCO | 0.1 % | −82.5 % | 39 |
| Bodycote PLC BOY | 0.1 % | −37.7 % | 71 |
| Redwire Corp RDW | 0.1 % | n/a | n/a |
| LEONARDO DRS INC. DL-01 2VZ | 0.1 % | n/a | n/a |
| Chemring Group PLC CHG | 0.1 % | −67.1 % | 57 |
| Astronics Corporation ATRO | 0.1 % | −80.6 % | 52 |
| Avon Protection PLC AVON | 0.1 % | −86.8 % | 60 |
| Intuitive Machines Inc. LUNR | 0.1 % | n/a | n/a |
| Cohort CHRT | 0.1 % | −69.1 % | 38 |
| Smith & Wesson Brands Inc SWBI | 0.1 % | −31.2 % | 69 |
| Firefly Aerospace Inc. Common Stock FLY | 0.1 % | n/a | n/a |
| Innovative Solutions and Support ISSC | 0.1 % | n/a | n/a |
| Lisi S.A FII | 0.1 % | −20.1 % | 59 |
| Avio S.p.A AVIO | 0.1 % | −22.4 % | 43 |
| National Presto Industries Inc NPK | 0.1 % | −66.9 % | 53 |
| VINCORION SE V1NC | 0.1 % | −40.9 % | 56 |
| Virgin Galactic Holdings Inc SPCE | 0.1 % | −60.1 % | 19 |
| Loar Holdings Inc. LOAR | 0.1 % | −20.3 % | 56 |
| Groupe Gorgé SA GOE | 0.1 % | n/a | n/a |
| Park Aerospace Corp PKE | 0.0 % | −63.9 % | 72 |
| Colt CZ Group SE CZG | 0.0 % | n/a | n/a |
| AIRO Group Holdings, Inc. Common Stock AIRO | 0.0 % | +37.5 % | 41 |
| Byrna Technologies Inc BYRN | 0.0 % | +102.1 % | 56 |
| Cadre Holdings Inc CDRE | 0.0 % | −46.4 % | 52 |
| York Space Systems Inc. YSS | 0.0 % | n/a | n/a |
| AEVEX Corp. AVEX | 0.0 % | n/a | n/a |
| Eve Holding Inc EVEX | 0.0 % | −80.5 % | 21 |
| Astrotech Corp ASTC | 0.0 % | +14.0 % | 33 |
| Applied Aerospace & Defense, Inc. AADX | 0.0 % | n/a | n/a |
| Satellogic V Inc SATL | 0.0 % | n/a | n/a |
| SDT Uzay ve Savunma Teknolojileri A.S. SDTTR | 0.0 % | −85.7 % | 37 |
| ALTINAY SAVUNMA ALTNY | 0.0 % | −57.0 % | 30 |
| Momentus Inc MNTS | 0.0 % | −77.2 % | 28 |
| Vertical Aerospace Ltd EVTL | 0.0 % | n/a | n/a |
Fair value and quality per position come from the same valuation as our stock pages. Listing all 86 disclosed positions. "n/a" means we show no value for this position and it does not enter the average.
The 10 most cheaply valued ETFs
Measured against the look-through fair value of the holdings (sufficiently covered funds only). Green means below fair value, red above. Not financial advice.
- 1 KWEB KraneShares CSI China Internet ETF 49.2 % below FV
- 2 CHIQ Global X MSCI China Consumer Disc ETF 49.0 % below FV
- 3 CHIU Global X MSCI China Utilities ETF 43.9 % below FV
- 4 MCHI iShares MSCI China ETF 35.7 % below FV
- 5 FLCH Franklin FTSE China ETF 34.8 % below FV
- 6 FDNI First Trust Dow Jones International Internet ETF 27.3 % below FV
- 7 FCFY First Trust S&P 500 Diversified Free Cash Flow ETF 25.9 % below FV
- 8 ITB iShares U.S. Home Construction ETF 21.3 % below FV
- 9 TAN Invesco Solar ETF 17.3 % below FV
- 10 XLC Communication Services Select Sector SPDR® Fund 16.2 % below FV
Frequently asked about NATO
Is NATO overvalued?
What is the fair value of NATO?
How do you calculate the fair value of an ETF?
Which stocks drive the valuation of NATO?
Where can I see NATO holdings with their fair value?
What is the expense ratio of NATO?
How we value this ETF
An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives Themes Transatlantic Defense ETF an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.
As of: Nov 2, 2026
The look-through is a computed summary of public fundamentals and is no substitute for your own research.