Defense Index

An investment benchmark for the Defense, Homeland Security, and Space Sectors

A market that represents nearly 5% of U.S. GDP and firms developing cutting-edge technologies.

About the Index

The SPADE® Defense Index (NYSE: DXS) is a modified capitalization-weighted index comprised of publicly traded companies that benchmark the performance of firms systemically important to defense and national/homeland security.  With historical data back to 30 December 1997, it covers all aspects of the sector…infrastructure as well as services, IT and cyber activities, and support; adapting to changes in military strategy, activities, and philosophy. 

The Index is typically composed of more than 50 firms with products and services that target markets including: naval vessels, military aircraft, armored vehicles, helicopters, drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness, intelligence and reconnaissance, and space systems, as well as national/homeland security activities including border security, biometric screening systems, and military cybersecurity efforts.

Index values are distributed by the NYSE/ICE Data Services under the ticker ‘DXS’. The Invesco Aerospace & Defense ETF, designed to track the SPADE Defense Index, trades under the ticker ‘PPA’. Historical data for the Index is available from 30 December 1997. The ETF was launched on 26 October 2005.

Index Details

Rules / Methodology


The Index is calculated using a modified...

Component Selection

The Index includes companies that are involved...

Coorporate Actions

 In the event of a merger...

Quarterly Updates

Changes to the Index composition and/or the...


Historical Performance Table

Fundamental Data

Links: Intraday Chart, Historical Pricing


Current Index Constituents

Link to Constituent Profile

Link to Current Prices

Recent Analyses

Industry Trends & Statistics

Facts, figures, and insight


Read our market insights

History of Index Changes

Historical changes to the SPADE Defense Index

Free ebook

An educational guide to
understanding the defense sector
from an investment point of view