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ARMY
Tema International Defense ETF
Investing at the New Frontier of Global Security & Defense.
Why Invest in ARMY?
Broad Global Tailwinds
NATO has committed to raise defense spending targets from 2% to 5% of GDP by 2035, the largest expansion in the alliance’s history. Parallel buildups are underway across Asia and the Middle East.
Long-Term Growth Potential
Global defense outlays reached a record $2.7 trillion in 2024, growing at the fastest pace since the Cold War, and are projected to exceed $3.6 trillion by 2030 as nations modernize capabilities and rebuild military readiness.
Source: SIPRI
Research-Driven, Actively Managed
ARMY's investment process is supported by Agency Partners, a defense research boutique with a 35-year track record, helping identify companies positioned at the forefront of military modernization.
Portfolio Highlights
Palantir (PLTR) builds AI-powered data integration and decision-support platforms used by defense agencies and intelligence services across the US, UK, and allied nations.
Anduril is a defense technology company building autonomous systems, AI-driven command software, and next-generation hardware—including drones, submarines, and air defense platforms.
Elbit Systems (ESLT) is Israel's largest defense electronics company, specializing in intelligence, surveillance, unmanned systems, precision munitions, and soldier modernization technologies.
Fund Overview
Fund Details
As of September 10, 2026
Ticker
ARMY
CUSIP
87975E784
Inception Date
09/25/25
Gross Expense Ratio
0.75%
Net Expense Ratio*
0.68%
AUM
$6,765,077
Shares Outstanding
290,000
Number of Holdings
35
Primary Exchange
Nasdaq
Portfolio Manager
Maurits Pot
*Contractual expense cap for net expense ratio of 0.68% is in effect through 06/28/2027
Fund Summary
The Tema International Defense ETF (ARMY) invests in companies critical to today’s global rearmament cycle, including Europe’s historic military buildup. The portfolio targets innovators at the forefront of defense applications for AI, cybersecurity, robotics, and more—technologies reshaping modern security.
Portfolio Breakdown
Top 10 Holdings
As of September 10, 2026
Company
% of Nav
ANDURIL SPV EXPOSURE
14.78%
ELBIT SYSTEMS LTD
3.84%
DASSAULT AVIATION SA
3.64%
LEONARDO-FINMECCANICA SPA
3.57%
ROCKET LAB CORP
3.56%
KONGSBERG GRUPPEN ASA
3.54%
INDRA SISTEMAS SA
3.48%
BAE SYSTEMS PLC
3.47%
CHEMRING GROUP PLC
3.46%
ROLLS-ROYCE HOLDINGS PLC
3.44%
Country Breakdown
United Kingdom
18.52%United States
16.50%Germany
15.04%France
10.26%Others
39.68%Industry Breakdown
Industrials
78.67%Others
14.80%Information Technology
6.18%Cash & Cash Equivalents
0.35%ETF Characteristics
As of September 10, 2026
Return on Equity
Measures how efficiently companies generate profit relative to shareholder equity. Calculated as aggregated earnings divided by aggregated average book value over the year.
22.1%
Median Market Cap
The midpoint market capitalization among all companies held in the ETF. Half of the holdings have a market cap above this figure, and half below. It gives a snapshot of the typical company size in the fund, without being skewed by a few very large or very small positions.
$
28,720
M
Price-to-Earnings (P/E)
The aggregated price of the ETF's holdings divided by aggregated expected earnings of holdings.
18.9x
Price-to-Book Value (P/BV)
The aggregated price of the ETF's holdings divided by aggregated forecast book value of holdings.
3.9x
Price-to-Sales (P/S)
The aggregated price of the ETF's holdings divided by aggregated expected sales of holdings.
1.7x
- Performance
- Distributions
- Premium / Discount
Prices & Performance
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As of
Aug 31, 2026
- Aug 31, 2026
- Jun 30, 2026
ARMY
3 months
1 Year
3 Years
5 Years
Since inception
NAV
-5.75%
-6.50%
-0.61%
-8.22%
Market Price
-5.80%
-6.91%
-0.39%
-7.53%
Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods of less than one year are not annualized.
The market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share, and do not represent the returns you would receive if you traded shares at other times. NAVs are calculated using prices as of 4:00 PM Eastern Time. The first trading date is typically several days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the first trade date because there is no bid/ask spread until the fund starts trading.
Distributions
Record Date
Ex-Date
Payable Date
Total Distribution
Income
0.1
0.18
0.29
0.16
0.38
3.62
-0.32
Premium/Discount
Сhart
Table
Days Traded at Nav
Days Traded at Premium
Days Traded at Discount
2026/Q1
0
3
1
2026/Q2
0
62
0
NAV / Market Price
NAV$23.33
Daily Change
-$0.05
-0.21%
Market Price$23.35
Daily Change
-$0.07
-0.29%
Premium/Discount0.10%
30-Day Median Bid/Ask Spread0.51%
As of September 10, 2026
September-26
August-26
July-26
June-26
May-26
April-26
March-26
Fund Manager
Maurits Pot
Maurits is Founder and CEO of Tema ETFs. Maurits previously worked at Goldman Sachs, in natural resource M&A, Vitol Group, in crude oil trading, and Kingsway Capital, investing in public equities. He holds a Bachelor’s Degree in Economics from Middlebury College.
Fund Documents
How to Buy Tema ETFs
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*Neither Tema ETFs LLC nor undefined ETF are affiliated with these financial services firms. Their listing should not be viewed as a recommendation or endorsement.
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Risk Information
Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund’s prospectus or summary prospectus, which may be obtained by visiting www.temaetfs.com/ARMY. Read the prospectus carefully before investing.
Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund’s shares and the possibility of significant losses. An investment in the Fund involves a substantial degree of risk.
Diversification does not ensure profits or prevent losses. Investing involves risk including possible loss of principal. There is no guarantee the fund's investment strategy will be successful.
Sector Focus Risk: The Fund may invest a significant portion of its assets in one or more sectors, including Industrials, Aerospace and Defense, and thus will be more susceptible to the risks affecting those sectors than funds that have more diversified holdings across several sectors.
Special Purpose Vehicles and Private Company Risk: SPVs and private company ownership have increased liquidity and valuation risk. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer’s financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund’s assets at greater risk of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. Please see https://temaetfs.com/ARMY for more information.
Investing in Foreign and emerging markets involves risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. In addition, the fund is exposed to currency risk.
ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Total Returns are calculated using the daily 4:00pm EST net asset value (NAV). Market price returns reflect the midpoint of the bid/ask spread as of the close of trading of the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times.
Tema ETFs LLC serves as the investment adviser to Tema International Defense ETF (the “Fund”), and Tidal Investments LLC serves as a sub-adviser to the Fund. The Fund is distributed by Vigilant Distributors, LLC, which is not affiliated with Tema ETFs LLC nor Tidal Investments LLC. Check the background of Vigilant Distributors, LLC on FINRA’s BrokerCheck.
Implied Liquidity: ETF Implied liquidity is a representation of how many shares can potentially be traded daily in an ETF as portrayed by the creation unit. This is defined as the smallest value of the IDTS (Implied Daily Tradable Shares) for each holding in the creation unit.