Invesco Aerospace & Defense ETF
PPA
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- Invesco Aerospace & Defense ETF (PPA) is an exchange-traded fund that provides investors with targeted exposure to the U.S. aerospace and defense sector by tracking the SPADE Defense Index, a market-cap-weighted benchmark comprising NYSE- or NASDAQ-listed companies engaged in defense, military, homeland security, and space operations; the fund normally invests at least 90% of its total assets in common stocks that comprise the index, employing a full replication technique to match its performance. Core holdings as of late 2025 include leading firms such as RTX Corp (approximately 8%), Boeing Co (8%), GE Aerospace (7-8%), Lockheed Martin Corp (7%), and Northrop Grumman Corp (5%), alongside other key constituents like General Dynamics Corp, L3Harris Technologies Inc, Honeywell International Inc, and Howmet Aerospace Inc, spanning industrials (over 88% allocation), information technology (7%), and select communication services; additional notable positions feature Eaton Corp PLC, TransDigm Group Inc, Amphenol Corp, Axon Enterprise Inc, and Palantir Technologies Inc. The ETF targets institutional and retail investors seeking growth and value opportunities in diversified market capitalizations within this sector, with primary operations focused on U.S.-listed equities and global revenue exposure through its holdings; it was launched on October 26, 2005, and is managed by Invesco Capital Management LLC, with headquarters in Downers Grove, Illinois. Recent portfolio adjustments include additions to RTX Corp and Lockheed Martin Corp in 2024, alongside increases in Eaton Corp PLC positions and sales of legacy names like Aerojet Rocketdyne Holdings Inc and Maxar Technologies Inc following their delistings; the fund has sustained strong inflows amid record global defense spending surpassing $2.72 trillion in 2024, driving assets under management to approximately $6.7 billion by mid-2025 and declaring quarterly distributions such as $0.15502 per share.