Invesco Aerospace & Defense ETF (PPA) is a industrials and materials ETF. As of October 28, 2026, ETF Copilot scores PPA 5.2 out of 10 — highest on Return (8.3), lowest on Value (1.7). It trades at 30.5 times earnings, against its own median of 24.2. Its ten largest holdings are 61% of the fund.
What stands out in PPA's data
U.S. aerospace and defense contractors, weighted by market cap.
Its profit margins run behind most peers — the fund's edge has to come from its recent returns.
EBITDA margin of 17.6% trails the category median of 21.2%, though its 3-year annualized return of 26% tops the 20% norm.
A sector bet on defense contractors — real-economy exposure with a margin trade-off.
Why did PPA move this week? It rose 1.4% in the week to October 28, 2026 — Lockheed Martin and Honeywell Aerospace drove it
PPA rose 1.4% in the week to October 28, 2026. The holdings that moved it most were Lockheed Martin (+14.2%), Honeywell Aerospace (+9.0%) and L3harris Technologies (+5.3%); Boeing (−13.1%) pushed the other way.
How is PPA rated? ETF Copilot scores Invesco Aerospace & Defense ETF (PPA) 5.2 out of 10
As of October 28, 2026, ETF Copilot scores Invesco Aerospace & Defense ETF (PPA) 5.2 out of 10 overall.
ETF Copilot scores (0–10 scale, higher is better):
- Overall: 5.2 / 10
- Growth: 6.4 / 10
- Value: 1.7 / 10
- Risk: 5.3 / 10
- Quality: 2.1 / 10
- Return: 8.3 / 10
Is PPA expensive right now? It trades at 30.5 times earnings, against its own median of 24.2
As of October 28, 2026, PPA is more expensive than 80% of its own last 9 years.
Trailing 12 months, built from PPA's holdings. How we calculate this →
What's inside PPA?
What's inside PPA: Size (Large 80%, Mid 16%, Small 4%); Geography (International 6%, US 94%); Tech 9.4%; AI 1.8%; Semiconductors 0.1%.
What are PPA's top holdings? The ten largest are 61% of the fund
Lockheed Martin, Raytheon Technologies, General Electric, Boeing, General Dynamics, Northrop Grumman, Honeywell Aerospace, L3harris Technologies, TransDigm and Howmet Aerospace are PPA's largest holdings, in that order.
More concentrated than 61% of Industrials & Materials ETFs.
Half of PPA's weight sits in its 7 largest positions, and once those weights are taken into account it behaves like 21 equally weighted holdings.
What is PPA's expense ratio? 0.58% a year
As of October 28, 2026, PPA charges 0.58% a year, yields 0.39% and holds $7.4B in assets across 67 positions.
| Measure | PPA |
|---|---|
| Expense ratio | 0.58% |
| Dividend yield | 0.39% |
| Assets under management | $7.4B |
| Holdings | 67 |
Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.
Cite this
ETF Copilot, “Invesco Aerospace & Defense ETF (PPA) scores and holdings analysis”, as of October 28, 2026.
https://etf-copilot.com/etf/ppa
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