Themes Transatlantic Defense ETF

NATO

Market cap $98.5M

Themes Transatlantic Defense ETF is rated Hold due to elevated valuations and decelerating growth among top holdings despite recent outperformance. NATO's cap-weighted structure concentrates exposure in U.S. defense giants like RTX, GE, and Boeing, all facing valuation and growth headwinds. High government debt in NATO countries is likely to constrain further defense spending growth, limiting upside even amid geopolitical instability.

The Themes Transatlantic Defense ETF is riding a surge in defense spending that hasn't been seen for years, maybe decades.