Select STOXX Europe Aerospace & Defense ETF
EUAD
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- Select STOXX Europe Aerospace & Defense ETF (EUAD) is an exchange-traded fund that provides targeted equity exposure to European aerospace and defense companies through a rules-based, index-tracking strategy. The fund is structured as part of the Spinnaker ETF Series and is launched and managed by Tuttle Capital Management, LLC, with distribution handled by Capital Investment Group, Inc. The fund seeks to track the total return performance of the STOXX Europe Total Market Aerospace & Defense Index, investing under normal circumstances at least 80% of its net assets, plus borrowings for investment purposes, in exchange-listed common stocks or American Depositary Receipts of companies headquartered in Europe that derive at least 50% of their revenue from aerospace and defense activities. These activities include the manufacture, service, supply and distribution of aeronautical equipment, components, hardware, software and electronic systems, as well as equipment, systems, components, infrastructure support services, and hardware, software and electronics that directly support civil and military defense efforts. The ETF primarily targets issuers operating across industrials, capital goods, aerospace and defense manufacturing, aerospace and defense maintenance and services, military aircraft and aeronautical equipment, and broader defense technology, systems and services segments, with a focus on both growth and value stocks across the market-capitalization spectrum. EUAD’s portfolio is concentrated and market-cap weighted, typically holding around 15 European aerospace and defense names, with a high proportion of assets in the top 10 positions. Core holdings include leading European defense primes and aerospace manufacturers such as Airbus SE; Rheinmetall AG; BAE Systems PLC; Thales SA; Rolls-Royce Holdings plc; Safran SA; Leonardo S.p.A.; Saab AB; MTU Aero Engines AG; and Hensoldt AG, alongside a small allocation to a money market instrument for liquidity management. Through this construction, the ETF offers investors focused exposure to companies benefiting from structural trends in European defense spending, military modernization, and civil aviation demand, while remaining geographically diversified across key markets including France, Germany, the United Kingdom, Italy and other European countries. The Select STOXX Europe Aerospace & Defense ETF was formed on October 22, 2024, and is domiciled in the United States, with trading on U.S. exchanges and daily pricing. The fund is actively overseen by Tuttle Capital Management, with Matthew Tuttle serving as portfolio manager since launch, and it operates with a net expense ratio of approximately 0.50%, targeting U.S. and international investors seeking liquid, transparent access to the European aerospace and defense theme. The ETF is available for sale to U.S. investors, positioning itself as a specialist satellite allocation within diversified equity portfolios for institutional and retail clients. Recent company developments include the launch of the fund in October 2024 following a licensing agreement under which STOXX Ltd., part of ISS STOXX GmbH, licensed the STOXX Europe Total Market Aerospace & Defense Index to Tuttle Capital Management as the underlying benchmark for EUAD. Since inception, EUAD has experienced rapid asset growth, surpassing USD 500 million in assets under management by May 2025, reflecting strong investor interest in European defense and security themes amid heightened geopolitical tensions and rising NATO-related defense budgets. The fund continues to benefit from the broader trend of increased European defense spending and investor demand for targeted thematic exposure, and as of late 2025 manages assets in excess of USD 1 billion, reinforcing its position as a key vehicle for accessing the European aerospace and defense equity segment.