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Invesco Aerospace & Defense (PPA) Overvalued or undervalued?
Look-through valuation · Sector · Expense ratio 0.57 % · ISIN US46137V1008
Price history (since 2005)
Monthly close since 2005. Price shows performance, the valuation verdict is in the look-through above.
PPA holdings and fair value
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Lockheed Martin Corporation LMT | 10.2 % | −31.7 % | 67 |
| RTX Corporation RTX | 9.4 % | −55.9 % | 63 |
| General Electric Company GCP | 8.3 % | n/a | n/a |
| The Boeing Company BA | 7.9 % | −72.2 % | 41 |
| General Dynamics Corporation GD | 5.8 % | −26.4 % | 65 |
| Northrop Grumman Corporation NOC | 5.4 % | −31.3 % | 64 |
| L3Harris Technologies Inc LHX | 4.4 % | +5.6 % | 62 |
| Howmet Aerospace Inc HWM | 3.7 % | −73.6 % | 76 |
| Honeywell Aerospace Inc. Common Stock When Issued HONAV | 3.7 % | n/a | n/a |
| Transdigm Group Incorporated TDG | 3.5 % | +10.0 % | 69 |
| Parker-Hannifin Corporation PH | 3.3 % | −45.0 % | 70 |
| Elbit Systems Ltd ESLT | 3.0 % | −68.1 % | 55 |
| Amphenol Corporation APH | 2.3 % | −10.6 % | 56 |
| Axon Enterprise Inc. AXON | 2.0 % | −92.5 % | 44 |
| Eaton Corporation PLC ETN | 1.6 % | −52.9 % | 70 |
| Palantir Technologies Inc. PLTR | 1.6 % | −77.0 % | 76 |
| Allegheny Technologies Incorporated ATI | 1.3 % | −71.6 % | 62 |
| Heico Corporation HEI | 1.3 % | −29.1 % | 64 |
| Leidos Holdings Inc LDOS | 1.1 % | +47.3 % | 73 |
| Huntington Ingalls Industries Inc HII | 1.1 % | −21.4 % | 57 |
| CACI International Inc CACI | 1.0 % | +0.5 % | 58 |
| Curtiss-Wright Corporation CW | 1.0 % | +2.1 % | 71 |
| Textron Inc TXT | 0.9 % | −7.6 % | 65 |
| Woodward Inc WWD | 0.9 % | −57.6 % | 66 |
| Space Exploration Technologies Corp. Class A Common Stock SPCX | 0.9 % | n/a | n/a |
Show all 66 holdings
| Holding | Weight | vs fair value | Quality |
|---|---|---|---|
| Teledyne Technologies Incorporated TDY | 0.8 % | +10.0 % | 68 |
| Rocket Lab USA Inc. RKLB | 0.8 % | n/a | n/a |
| Carpenter Technology Corporation CRS | 0.8 % | −50.5 % | 69 |
| ViaSat Inc VSAT | 0.7 % | −13.9 % | 28 |
| LEONARDO DRS INC. DL-01 2VZ | 0.7 % | n/a | n/a |
| Booz Allen Hamilton Holding BAH | 0.7 % | +80.8 % | 61 |
| Moog Inc MOG-A | 0.7 % | −64.4 % | 56 |
| CAE Inc. CAE | 0.7 % | −43.2 % | 56 |
| BWX Technologies Inc BWXT | 0.6 % | −65.7 % | 53 |
| StandardAero, Inc. SARO | 0.6 % | −23.1 % | 56 |
| Keysight Technologies Inc KEYS | 0.6 % | −61.8 % | 69 |
| Kratos Defense & Security Solutions KTOS | 0.6 % | −92.9 % | 26 |
| AeroVironment Inc AVAV | 0.5 % | n/a | n/a |
| Hexcel Corporation HXL | 0.5 % | −61.0 % | 64 |
| Karman Holdings Inc. KRMN | 0.5 % | −90.8 % | 38 |
| Science Applications International Corporation Common Stock SAIC | 0.4 % | +24.1 % | 66 |
| Mercury Systems Inc MRCY | 0.4 % | −74.1 % | 48 |
| MDA Ltd MDA | 0.4 % | +10.0 % | 42 |
| Loar Holdings Inc. LOAR | 0.4 % | −20.3 % | 56 |
| AAR Corp AIR | 0.3 % | −52.7 % | 40 |
| KBR Inc KBR | 0.3 % | +32.3 % | 64 |
| TTM Technologies Inc TTMI | 0.3 % | −58.4 % | 57 |
| Planet Labs PBC PL | 0.2 % | −83.8 % | 29 |
| Amentum Holdings Inc. AMTM | 0.2 % | −47.5 % | 44 |
| Oshkosh Corporation OSK | 0.2 % | +27.5 % | 57 |
| Vectrus Inc VEC | 0.2 % | n/a | n/a |
| OSI Systems Inc OSIS | 0.2 % | +18.2 % | 60 |
| Ducommun Incorporated DCO | 0.2 % | −82.5 % | 39 |
| Ondas Holdings Inc ONDS_OLD | 0.2 % | n/a | n/a |
| Firefly Aerospace Inc. Common Stock FLY | 0.2 % | n/a | n/a |
| Redwire Corp RDW | 0.2 % | n/a | n/a |
| Iridium Communications Inc IRDM | 0.2 % | −59.1 % | 67 |
| Applied Aerospace & Defense, Inc. AADX | 0.2 % | n/a | n/a |
| Parsons Corp PSN | 0.1 % | −13.4 % | 59 |
| nLIGHT Inc LASR | 0.1 % | −90.5 % | 53 |
| HawkEye 360, Inc. HAWK | 0.1 % | n/a | n/a |
| Cadre Holdings Inc CDRE | 0.1 % | −46.4 % | 52 |
| Voyager Technologies, Inc. VOYG | 0.1 % | n/a | n/a |
| Invesco Short-Term Investments Trust Government & Agency Portfolio Institutional AGPXX | 0.1 % | n/a | n/a |
| Blacksky Technology Inc BKSY | 0.1 % | n/a | n/a |
| AEVEX Corp. AVEX | 0.1 % | n/a | n/a |
Fair value and quality per position come from the same valuation as our stock pages. Listing all 66 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 PPA
Is PPA overvalued?
What is the fair value of PPA?
How do you calculate the fair value of an ETF?
Which stocks drive the valuation of PPA?
Where can I see PPA holdings with their fair value?
What is the expense ratio of PPA?
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 Invesco Aerospace & 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.