Invesco Aerospace & Defense

PPA • ARCA

Invesco Aerospace & Defense is an exchange-traded fund on ARCA. As of Q3 2025, 437 institutional investors hold shares in this ETF, with total holdings valued at $3.6B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $1.2B.

Overview

Overview of institutional ownership in PPA as of Q3 2025

All Institutions

Institutions: 437
Value Held: $3.6B
Shares Held: 23.4M
Avg Position: $8.3M
Median Position: $639.7K

Hedge Funds

Hedge Funds: 4
Value Held: $3.5M
Shares Held: 22.7K
Avg Position: $881.7K
Median Position: $610.1K

Biggest Investors

Institutions with the largest positions in PPA as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.2B 0.09% of portfolio	7.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$328.9M 0.02% of portfolio	2.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
L LPL Financial LLC Institution	-	$259.4M 0.08% of portfolio	1.7M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
UBS Group AG Institution	Sergio P. Ermotti CEO	$128.4M 0.03% of portfolio	825.8K shares	Q4 2014 Held for 10y 11m	$511.54B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$95.4M 0.02% of portfolio	614.0K shares	≤ Q2 2013 Held for 12y 5m+	$488.50B
HighTower Advisors, LLC RIA/Wealth	Robert David Oros CEO	$83.3M 0.09% of portfolio	536.1K shares	Q1 2022 Held for 3y 8m	$87.7B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$71.6M 0.02% of portfolio	460.5K shares	Q4 2024 Held for 11 months	$310.43B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$62.3M 0.01% of portfolio	400.9K shares	Q1 2022 Held for 3y 8m	$433.11B
Miracle Mile Advisors, LLC RIA/Wealth	Bruce Wayne Milam CEO	$54.1M 0.82% of portfolio	348.3K shares	Q4 2022 Held for 2y 11m	$6.6B
AXXCESS WEALTH MANAGEMENT, LLC RIA/Wealth	Michael Loren Seid CEO	$51.9M 1.10% of portfolio	333.6K shares	Q4 2022 Held for 2y 11m	$4.7B

Net Capital Flow

Institutional buying and selling activity for PPA in Q3 2025

Traded: +$233.0M
Buyers: 254
Sellers: 135
Total Bought: +$327.2M
Total Sold: −$94.2M
Avg Position: $7.7M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$26.9M +173.3K shares	$1.2B 7.7M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$24.9M +160.0K shares	$29.5M 190.0K shares
AMERIPRISE FINANCIAL INC Institution	+$18.9M +121.8K shares	$62.3M 400.9K shares
Mirae Asset Global Investments Co., Ltd. Long Only Manager	+$15.3M +98.6K shares	$38.3M 246.7K shares
Q Quadrature Capital Ltd Institution	+$15.3M +98.1K shares	$15.3M 98.1K shares
C CI Private Wealth, LLC RIA/Wealth	+$14.4M +92.7K shares	$22.4M 143.8K shares
Modern Wealth Management, LLC RIA/Wealth	+$14.0M +89.9K shares	$14.0M 89.9K shares
Beacon Harbor Wealth Advisors, Inc. RIA/Wealth	+$12.9M +83.2K shares	$12.9M 83.2K shares
Cetera Investment Advisers RIA/Wealth	+$11.7M +75.5K shares	$50.9M 327.4K shares
L LPL Financial LLC Institution	+$10.3M +66.3K shares	$259.4M 1.7M shares

Biggest Sellers

Institution	Net Sold	Current Position
Kestra Advisory Services, LLC RIA/Wealth	−$36.1M −232.4K shares	$9.8M 63.0K shares
MAI Wealth Advisors RIA/Wealth	−$8.0M −51.3K shares	$37.1M 238.5K shares
N NORDEN GROUP LLC Institution	−$6.6M −46.9K shares	Sold Off 0 shares
Capital Asset Advisory Services LLC RIA/Wealth	−$4.4M −28.3K shares	$51.7M 332.7K shares
AXXCESS WEALTH MANAGEMENT, LLC RIA/Wealth	−$3.9M −25.1K shares	$51.9M 333.6K shares
A ASB Consultores, LLC RIA/Wealth	−$3.6M −25.1K shares	Sold Off 0 shares
Uniting Wealth Partners, LLC RIA/Wealth	−$2.6M −16.6K shares	$6.1M 39.1K shares
Fundamentun, LLC RIA/Wealth	−$2.4M −15.7K shares	$351.2K 2.3K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	−$2.2M −15.5K shares	Sold Off 0 shares
KPP Advisory Services LLC RIA/Wealth	−$1.8M −11.9K shares	$3.7M 23.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PPA in Q3 2025

New Positions: 42
New Value: $59.8M
Exited Positions: 34
Exited Value: $19.8M

New Positions

Institution	Position Value
Q Quadrature Capital Ltd Institution	$15.3M 98.1K shares
Modern Wealth Management, LLC RIA/Wealth	$14.0M 89.9K shares
Consolidated Portfolio Review Corp RIA/Wealth	$4.8M 30.6K shares
Advyzon Investment Management, LLC RIA/Wealth	$4.7M 30.2K shares
Detalus Advisors, LLC RIA/Wealth	$4.4M 28.6K shares
NATURAL INVESTMENTS, LLC RIA/Wealth	$2.6M 16.8K shares
McNaughton Wealth Management, LLC RIA/Wealth	$2.3M 15.0K shares
FLOYD FINANCIAL GROUP LLC RIA/Wealth	$2.2M 14.0K shares
PCG Wealth Advisors, LLC RIA/Wealth	$1.2M 7.6K shares
A ADVOCATE GROUP LLC Institution	$930.7K 6.0K shares

Exited Positions

Institution	Previous Position
N NORDEN GROUP LLC Institution	$6.6M 46.9K shares
A ASB Consultores, LLC RIA/Wealth	$3.6M 25.1K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$2.2M 15.5K shares
Financial Advocates Investment Management RIA/Wealth	$1.4M 9.7K shares
D D. E. Shaw & Co., Inc. Institution	$934.7K 6.6K shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	$583.8K 4.1K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$486.7K 3.4K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$460.1K 3.2K shares
L Lion Street Advisors, LLC RIA/Wealth	$388.5K 2.7K shares
T Tower Research Capital LLC Institution	$367.1K 2.6K shares

Options Activity

Institutions with the largest Call and Put options positions in PPA as of Q3 2025

Call Positions: 2
Call Value: $1.5M
Put Positions: 3
Put Value: $1.8M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.2M 74.0 contracts
B Belvedere Trading LLC Institution	$342.0K 22.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.2M 79.0 contracts
B Belvedere Trading LLC Institution	$310.9K 20.0 contracts
BFI Infinity Ltd. RIA/Wealth	$228.9K 14.8 contracts

Most Committed Institutions

Institutions with PPA as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
INVESTMENT MANAGEMENT CORP /VA/ /ADV RIA/Wealth	John Gregory Tinaglia President	13.01% $13.9M	89.2K shares	Q4 2024 Held for 11 months	$106.7M
S SEARCY FINANCIAL SERVICES INC /ADV RIA/Wealth	Jessica Ann Kmetty CEO	6.95% $18.3M	117.6K shares	Q2 2020 Held for 5y 5m	$263.1M
Presidio Capital Management, LLC RIA/Wealth	Dustin S Tenbroeck Managing Partner	4.62% $13.2M	84.8K shares	Q4 2022 Held for 2y 11m	$285.2M
ADAPT WEALTH ADVISORS, LLC RIA/Wealth	Jake Thomas Bryant CEO	4.05% $10.5M	67.7K shares	Q4 2024 Held for 11 months	$259.7M
Beacon Harbor Wealth Advisors, Inc. RIA/Wealth	Jeremy Wayne Ingram CEO	3.02% $12.9M	83.2K shares	Q3 2025 Held for 2 months	$428.0M
Hollow Brook Wealth Management LLC RIA/Wealth	Alan Lee Bazaar CEO	2.53% $10.7M	68.7K shares	Q2 2016 Held for 9y 5m	$422.7M
Quaker Wealth Management, LLC RIA/Wealth	John Jacob Heisler Member	2.31% $7.1M	45.6K shares	Q1 2025 Held for 8 months	$307.4M
Capital Asset Advisory Services LLC RIA/Wealth	Jeffrey John Casey Managing Partner	2.23% $51.7M	332.7K shares	Q3 2023 Held for 2y 2m	$2.3B
ORLEANS CAPITAL MANAGEMENT CORP/LA Long Only Manager	Catherine Meyer Johnson President	2.19% $3.4M	21.7K shares	Q1 2022 Held for 3y 8m	$154.3M
PACIFIC SUN FINANCIAL CORP RIA/Wealth	Mitchell Jeffrey Fisher President	2.18% $4.5M	29.1K shares	Q2 2023 Held for 2y 5m	$207.0M

Hedge Fund Spotlight

Discover hedge funds investing in PPA

ELCO Management Co., LLC

Hedge Fund • Long/Short

Portfolio ManagerPaul Elliot

Portfolio Value: $191.4M
Positions: 163
Last Reported: Q3 2025

Sector Allocation

Position in Invesco Aerospace & Defense

Market Value: $878.1K
Shares Held: 5.6K
Portfolio Weight: 0.46%
Owned Since: 2019-Q2

Top Holding	Sector	Market Value	Weight
1 Cheniere Energy LNG	Oil & Gas Midstream Energy	$12.1M	6.31%
2 Williams Companies WMB	Oil & Gas Midstream Energy	$11.5M	6.03%
3 Targa Resources TRGP	Oil & Gas Midstream Energy	$8.8M	4.62%