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Invesco Aerospace & Defense ETF
PPA

446 hedge funds and large institutions have $3.65B invested in Invesco Aerospace & Defense ETF in 2025 Q3 according to their latest regulatory filings, with 61 funds opening new positions, 197 increasing their positions, 103 reducing their positions, and 34 closing their positions.

New
Increased
Maintained
Reduced
Closed

91% more repeat investments, than reductions

Existing positions increased: 197 | Existing positions reduced: 103

79% more first-time investments, than exits

New positions opened: 61 | Existing positions closed: 34

17% more capital invested

Capital invested by funds: $3.13B → $3.65B (+$519M)

13% more funds holding in top 10

Funds holding in top 10: 8 → 9 (+1)

4% more funds holding

Funds holding: 427 → 446 (+19)

0.09% more ownership

Funds ownership: 55.1% → 55.19% (+0.09%)

39% less call options, than puts

Call options by funds: $62.8M | Put options by funds: $103M

Holders
446
Holders Change
+19
Holders Change %
+4.45%
% of All Funds
5.85%
Holding in Top 10
9
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+12.5%
% of All Funds
0.12%
New
61
Increased
197
Reduced
103
Closed
34
Calls
$62.8M
Puts
$103M
Net Calls
-$40.3M
Net Calls Change
-$35.9M

Top Buyers

1
Bank of America
Bank of America
North Carolina
+$25.5M
2
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$23.5M
3
Ameriprise
Ameriprise
Minnesota
+$17.9M
4
Mirae Asset Global Investments
Mirae Asset Global Investments
South Korea
+$14.5M
5
QC
Quadrature Capital
United Kingdom
+$14.4M

Top Sellers

1
KAS
Kestra Advisory Services
Texas
-$34.2M
2
MCM
MAI Capital Management
Ohio
-$7.55M
3
NG
Norden Group
Utah
-$6.64M
4
CAAS
Capital Asset Advisory Services
Michigan
-$4.16M
5
AWM
Axxcess Wealth Management
California
-$3.7M
Name Holding Trade Value Shares
Change 		Change in
Stake
FCAS
401
First Command Advisory Services
Texas
$29.2K – – –
WAM
402
WFA Asset Management
Wisconsin
$28.9K – – –
EWM
403
Evolution Wealth Management
Florida
$28K – – –
BFPW
404
BOK Financial Private Wealth
Colorado
$27.2K +$11.8K +80 +84%
PMAM
405
Picton Mahoney Asset Management
Ontario, Canada
$23K – – –
BlackRock
406
BlackRock
New York
$22.7K -$747K -5,076 -97%
PWA
407
Provenance Wealth Advisors
Florida
$21.1K +$20K +136 New
Q1WB
408
Quest 10 Wealth Builders
Virginia
$21K – – –
RFG
409
REAP Financial Group
Texas
$19.7K – – –
IAS
410
IMA Advisory Services
Colorado
$19.4K – – –
CHC
411
City Holding Co
West Virginia
$17.9K +$1.03K +7 +6%
Fifth Third Bancorp
412
Fifth Third Bancorp
Ohio
$17.3K – – –
TCOV
413
Trust Company of Vermont
Vermont
$16.9K +$1.32K +9 +9%
NECFA
414
New England Capital Financial Advisors
Connecticut
$15.9K – – –
JFG
415
JDM Financial Group
Texas
$15.7K – – –
GLF
416
Groupe la Francaise
France
$15.5K +$17.5K +119 New
TAM
417
Tucker Asset Management
Colorado
$15.2K – – –
AG
418
AmeriFlex Group
Nevada
$14K -$38.5K -262 -74%
EAM
419
Eukles Asset Management
Ohio
$14K -$6.77K -46 -34%
TSMHT
420
Thurston Springer Miller Herd & Titak
Indiana
$12.6K -$409K -2,777 -97%
NRG
421
Nemes Rush Group
Michigan
$11.8K +$3.24K +22 +41%
WWM
422
Wolff Wiese Magana
California
$11.7K – – –
EWM
423
Evermay Wealth Management
Virginia
$11K – – –
KFI
424
Key Financial Inc
Pennsylvania
$10.4K – – –
RBC
425
Roble Belko & Company
Pennsylvania
$10K +$9.56K +65 New
15 16
17
18 19

PPA Hedge Fund Activity: Q3 2025 in Review

446 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Invesco Aerospace & Defense ETF (PPA) for Q3 2025, worth a combined $3.65B — up 17% from $3.13B a quarter earlier.

Buyers outnumbered sellers: 61 funds opened new PPA positions and 34 closed out — a net gain of 27 holders — while 197 added to existing stakes and 103 trimmed.

The largest buyer was Bank of America, adding an estimated $25.5M. The largest seller was Kestra Advisory Services, cutting an estimated $34.2M.

  • 446 institutional investors held Invesco Aerospace & Defense ETF (PPA) as of Q3 2025, up from 427 in Q2 2025.
  • Funds reported $3.65B of Invesco Aerospace & Defense ETF stock for Q3 2025, up 17% quarter-over-quarter.
  • 61 funds opened new Invesco Aerospace & Defense ETF positions in Q3 2025 and 34 closed out, a net change of +27 holders.
  • The largest Invesco Aerospace & Defense ETF buyer in Q3 2025 was Bank of America, an estimated $25.5M added.
  • The largest Invesco Aerospace & Defense ETF seller in Q3 2025 was Kestra Advisory Services, an estimated $34.2M sold.

Based on aggregated 13F filings for Q3 2025.