GDFN
Tema International Defense Innov ETF
The Tema International Defense Innov ETF seeks to provide investors with exposure to companies engaged in innovative defense technologies and solutions that enhance national security.
International
EQUITY
Active
MANAGEMENT STYLE
$ 2.4 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Inception date | Sep 24, 2025 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | None |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ELBIT SYSTEMS LTD | 6.3 % |
| KONGSBERG GRUPPEN ASA | 6.0 % |
| BAE SYSTEMS PLC | 4.6 % |
| SAAB CLASS B | 4.4 % |
| LEONARDO SPA | 4.3 % |
| DASSAULT AVIATION SA | 4.3 % |
| EADS NV | 3.9 % |
| THALES SA | 3.8 % |
| CHEMRING GROUP PLC | 3.8 % |
| QINETIQ GROUP PLC | 3.7 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 356 |
| Wgt avg mkt cap (mns) | $49,770 |
| Large cap (>$10bn) | 60.8% |
| Mid cap ($2-10bn) | 21.1% |
| Small cap (<$2bn) | 5.9% |
| Developed mkts. | 87.8% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
BRITAIN | 19.7 % |
 |
UNITED STATES | 17.5 % |
 |
FRANCE | 10.7 % |
 |
GERMANY | 9.4 % |
 |
ISRAEL | 6.3 % |
 |
NORWAY | 6.0 % |
 |
ITALY | 5.1 % |
 |
SWEDEN | 4.4 % |
 |
NETHERLANDS | 3.9 % |
 |
SPAIN | 3.4 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 15.2% | -- | -- | -- | -- | -- | -- | 7.9% |
| Dividend Yield | 0.0% | -- | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | 15.2% | -- | -- | -- | -- | -- | -- | 7.9% | Ann. Volatility | 32.1% | -- | -- | -- | -- | -- | -- | 27.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 3 |
| ADV traded (mns) | $0 |
| Turnover | 3.0% |
| Avg. Bid/Ask (% of price) | 0.61% |
Technical Indicators
| 30d moving avg. (EMA) | $26.71 |
| Relative strength (RSI) | 41 |
| MACD/Signal | -0.51/-0.19 |
| Bollinger Bands (Upper/Lower) | $28.87/$24.94 |
| Short interest (% of AUM) | 16.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GDFN |
Expenses vs. GDFN |
ALTAR Score™ vs. GDFN |
|---|---|---|---|---|
| SHLD | Global X Defense Tech ETF | 39.2% | -25 bp | -0.7% |
| JEDI | Defiance Drone and Modern Warfare ETF | 33.1% | -6 bp | -2.1% |
| NATO | Themes Transatlantic Defense ETF | 32.7% | -40 bp | -1.4% |
| FOWF | Pacer Solactive Whitney Fututre of Warfare ETF | 19.6% | -15 bp | +0.3% |
| PPA | Invesco Aerospace & Defense ETF | 15.7% | -17 bp | -1.5% |
| UFO | Procure Space ETF | 14.6% | 0 bp | -3.6% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 14.5% | -15 bp | -1.6% |
| MOTG | VanEck Morningstar Global Wide Moat ETF | 14.2% | -23 bp | +5.3% |
| EXI | iShares Global Industrials ETF | 13.8% | -33 bp | +0.5% |
| DRNZ | REX Drone ETF | 12.3% | -10 bp | -5.1% |
Risk and Returns: GDFN vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/3/2026
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
3.8%
ALTAR SCORE™
4th
PERCENTILE
AVOID
ETFRC RATING
There are 344 funds in the International Equity category with an average
ALTAR Score™ of 6.5% and a standard deviation
of 1.6%. GDFN's ALTAR Score™ is approximately -1.7 standard
deviations above the category average. This places GDFN in the 4th percentile
among funds in the category.
Sell-Side Consensus
$29.27
PRICE TARGET
+21.6%
UPSIDE
Bid/Ask Spreads
61 bp
AVG SPREAD
32 —
240 bp
RANGE