About iShares U.S. Aerospace & Defense ETF
iShares U.S. Aerospace & Defense ETF is a thematic ETF tracking the aerospace & defense theme, holding 50 positions. This page values what the fund actually holds — a look-through discounted cash flow of every underlying company, weighted by fund weight — refreshed monthly. The management fee shown is the issuer's stated cost.
Holdings from the issuer's published file; prices and fundamentals from Yahoo Finance. General information only.
iShares U.S. Aerospace & Defense ETF ITA
Aerospace & defense · holdings as at 2026-09-28
Look-through valuation
iShares U.S. Aerospace & Defense ETF's holdings collectively trade 43% above their combined intrinsic value — an implied fair value of about USD 118.67 versus USD 209.30 today.
Based on 49 of 50 valued holdings, 99% of fund weight; 1 unvalued. 11th of 21 thematic ETFs by look-through value.
Holdings we can value top 15 by weight
| Weight | Holding | Model | vs intrinsic value |
|---|---|---|---|
| 21.1% | GE AEROSPACE | DCF | -69% (premium) |
| 16.2% | RTX | DCF | -7% (premium) |
| 7.3% | BOEING | DCF | -36% (premium) |
| 4.6% | LOCKHEED MARTIN CORP | DCF | +53% (discount) |
| 4.6% | TRANSDIGM GROUP | DCF | -79% (premium) |
| 4.6% | HOWMET AEROSPACE | DCF | -78% (premium) |
| 4.6% | NORTHROP GRUMMAN CORP | DCF | -59% (premium) |
| 4.4% | GENERAL DYNAMICS CORP | DCF | +32% (discount) |
| 3.7% | HONEYWELL AEROSPACE INC | DCF | -14% (premium) |
| 3.4% | L3HARRIS TECHNOLOGIES | DCF | -42% (premium) |
| 3.1% | ROCKET LAB CORP | EV/Sales | -90% (premium) |
| 2.6% | AXON ENTERPRISE | DCF | -97% (premium) |
| 1.9% | ATI | DCF | -83% (premium) |
| 1.5% | CURTISS WRIGHT | DCF | -39% (premium) |
| 1.5% | WOODWARD | DCF | -83% (premium) |
Remaining 34 valued holdings (14% of fund) collectively trade 57% above their combined intrinsic value.
What the fund holds
By sector
- Industrials 99.9%
- Consumer Discretionary 0.1%
By country
- United States 100.0%
From the issuer's published holdings file.
Sister ETFs ≥30% holdings overlap
How this is calculated
Each holding is valued with the same engine behind KashVector's DCF tool and its undervalued screens — a conservative 5-year discounted cash flow, or a dividend / excess-return model for banks, insurers and regulated utilities, a P/AFFO multiple for property REITs, an EV/EBITDA multiple for airlines, or an EV/Sales comparison for a small tail the cash-flow models can't value. Where the DCF needs a forward growth rate we use the slower of a holding's multi-year revenue trend and its multi-year free-cash-flow trend, so one distorted year at one company can't skew the fund's number. Each holding's premium or discount to its own intrinsic value is weighted by fund weight and summed.
Read this as a measurement, not a verdict. The 5-year DCF is deliberately conservative on growth, so a premium is partly the model's own caution. Fast-growing and AI-exposed holdings in particular can read as heavily overvalued because a short-horizon cash-flow model can't capture a genuine platform shift or growth that currently shows up as investment rather than free cash flow. A fund can also trade above a conservative intrinsic value for years while compounding. A point-in-time snapshot as at 2026-09-30, highly sensitive to assumptions. Not financial advice.
Frequently asked questions
Does iShares U.S. Aerospace & Defense ETF trade above or below the value of what it holds?
As at 2026-09-30, its holdings collectively trade 43% above their combined intrinsic value, over 99% of fund weight. A mechanical measurement, not advice.
Does a premium mean I should sell?
No. Nothing here is financial advice and it is never a buy, sell or hold call. A theme can trade above a conservative intrinsic value for a long time while still compounding.
Why do the tech / AI holdings read as so overvalued?
A 5-year discounted cash flow can't price a genuine platform shift, and it penalises companies whose growth currently shows up as capital investment rather than free cash flow. It reflects the model's limitation as much as the price.
How often is this updated?
Monthly. Holdings come from the issuer's published full-holdings file; prices and fundamentals are a monthly snapshot from Yahoo Finance, not a live feed.