PPA - Invesco Aerospace & Defense ETF
The Invesco Aerospace & Defense ETF (Fund) is based on the SPADE Defense Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to identify a group of companies involved in the development, manufacturing, operations and support of US defense, homeland security and aerospace operations.
As of May 15, 2026: spot at $164.84, ATM IV 22.7%, max pain $170.00, net GEX $172.9K.
- Sector
- Financial Services
- Industry
- Asset Management
- Market Cap
- $8.01B
- Beta
- 0.88
- 52-Week Range
- 128.11-186.3
- Dividend Yield
- $0.66
- IPO Date
- Oct 26, 2005
- Exchange
- AMEX
What PPA Looks Like to Options Traders Today
IV rank of 47.3% sits near the 1-year median, where strategy choice depends on directional conviction and the event calendar rather than vol regime alone; positive net gamma exposure ($172.9K) means dealers hedge against trend, damping realized volatility and biasing price toward heavy-OI strikes; the 25-delta skew (0.041) prices calls richer than puts, often reflecting upside speculation or squeeze risk.
What This Page Covers
The PPA overview links into per-metric analysis views: max pain, gamma exposure, volatility skew, expected move, options chain, open interest history, and aggregate Greeks. Microstructure data is available on short interest, short volume, fail-to-deliver, and market structure.
Frequently asked PPA overview questions
- What is PPA?
- PPA is the ticker symbol for Invesco Aerospace & Defense ETF, an listed exchange-traded fund. The Invesco Aerospace & Defense ETF (Fund) is based on the SPADE Defense Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. Listed on AMEX. PPA is the ETF ticker shown on this page; ETF traders use the fund for diversified exposure to its underlying basket, for sector and factor rotation, and for hedging or replication strategies via the listed options chain.
- What does the PPA options snapshot look like today?
- As of May 15, 2026, the PPA options snapshot shows spot at $164.84, ATM IV 22.7%, IV rank 47.3%, max pain $170.00, net GEX $172.9K, expected move 6.51%. The full options chain, Greeks by strike and expiration, per-strike open-interest distribution, dealer gamma and delta exposure, and the volatility skew surface are linked from this overview page. Each per-metric route refreshes once per trading session and reflects the most recent close-of-business listed-options state.
- What are PPA's key statistics?
- Invesco Aerospace & Defense ETF (PPA) carries a market capitalization of $8.01B, 52-week range of 128.11-186.3. Full holdings disclosure, expense ratio, and tracking-error history live on the per-ticker fundamentals page or the sponsor's site; daily NAV and premium/discount-to-NAV are accessible from the same view. These structural inputs frame how the ETF options market prices implied volatility relative to its constituents.
- What sector or industry does PPA belong to?
- Invesco Aerospace & Defense ETF operates in the Financial Services sector, in the Asset Management industry. Sector classification affects how the ticker correlates with sector ETFs, how it reacts to macro factors like rate moves and commodity prices, and how its options pricing compares to sector peers. Compare PPA's implied volatility and skew against sector benchmarks to gauge whether the options market is pricing single-name or systemic risk relative to the broader peer group.
- How current is the PPA data on this page?
- The options snapshot above is dated May 15, 2026 and refreshes once per session, with all per-strike Greeks and exposure aggregates recomputed at the daily close. Fund-level fields (sponsor, expense ratio, holdings concentration where available) refresh from the vendor feed nightly. ETF-specific filings (N-CSR, N-PX, N-CEN) update on the SEC EDGAR cadence. FINRA microstructure data refreshes on the source's cadence; for ETFs the off-exchange volume signal is dominated by authorized-participant creation and redemption rather than directional flow.