PCP makes up 4.8% of ITA’s underlying portfolio, 4.3% of PPA and 3.5% of XAR.
ITA and PPA are both top heavy, tilting toward large companies in the space, such as Boeing (NYSE: BA), Lockheed Martin (NYSE: LMT), General Dynamics (NYSE: GD), United Technologies (NYSE: UTX) and Raytheon (NYSE: RTN). XAR, on the other hand, takes a slightly more equal-weight approach with the majority of its holdings at about 3% to 4% of its portfolio.
Consequently, while ITA and PPA may lean toward mega- and large-cap stocks, XAR includes around a position 30% in small- and mid-caps.
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Max Chen contributed to this article.