Data as of .
AMMO vs ARMY: which is really different?
AMMO and ARMY hold 33% of their weight in the same names.
ETFIQ Off-Index Score: AMMO scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
33% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, AMMO and ARMY hold 33% of their money in the same securities at the same weight.
| Holding | AMMO | ARMY |
|---|---|---|
| Palantir Technologies Inc | 3.17% | 2.86% |
| Chemring Group PLC | 2.76% | 3.49% |
| Rheinmetall AG | 3.76% | 2.52% |
| Elbit Systems Ltd | 2.43% | 3.88% |
| Hensoldt AG | 2.36% | 3.32% |
| RENK Group AG | 2.18% | 3.03% |
| Rolls-Royce Holdings PLC | 2.09% | 3.43% |
| Saab AB | 1.99% | 3.40% |
| Kongsberg Gruppen ASA | 1.98% | 3.69% |
| LEONARDO-FINMECCANICA SPA | 1.81% | 3.53% |
| Indra Sistemas SA | 1.70% | 3.65% |
| Rocket Lab Corp | 1.62% | 3.67% |
| Only in AMMO | Only in ARMY |
|---|---|
| LIG Defense&Aerospace Co Ltd 4.80% | ANDURIL SPV EXPOSURE 14.63% |
| Mildef Group AB 3.78% | DASSAULT AVIATION SA 3.66% |
| Kitron ASA 3.50% | BAE SYSTEMS PLC 3.58% |
| MP Materials Corp 3.05% | QINETIQ GROUP PLC 3.55% |
| Cohort PLC 2.76% | THALES SA 3.54% |
| TTM Technologies Inc 2.49% | BABCOCK INTERNATIONAL GROUP PLC 3.27% |
| Theon International PLC 2.35% | TKMS AG & CO KGAA 2.83% |
| TransDigm Group Inc 2.20% | AIRBUS GROUP SE 2.43% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 18, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| AMMO | ARMY | AMMO | ARMY | AMMO | ARMY | |
| 3 months | not published | −2.2% | not published | −4.4 pts | not published | +0.3 pts |
| Since launch | +0.9% | −6.1% | −0.8 pts | −23.8 pts | −1.3 pts | −31.2 pts |
| AMMO VistaShares Defense Supercycle ETF Holds 52 stocks in defense, 13% of its weight in S&P 500 companies | ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | VistaShares | Tema |
| Theme | Defense | Defense |
| In the S&P 500 | 12.6% | 11.1% |
| Active share vs the S&P 500 | 99.1% | 98.4% |
| In the Nasdaq-100 | 3.2% | 2.9% |
| Holdings | 52 | 34 |
| Top ten, share of the fund | 32.6% | 47.4% |
| Expense ratio | 0.75% | 0.68% |
| Fee for the differing part | 0.76% | 0.69% |
| Total return, 1 year | +0.9% (since launch on Jul 16, 2026) | −6.1% (since launch on Mar 31, 2026) |
| vs the S&P 500 | −0.8 pts | −23.8 pts |
| vs the Nasdaq-100 | −1.3 pts | −31.2 pts |
| Below its high | −14.0% | −14.6% |
| Net assets | $3m | $7m |
AMMO in plain words
By weight, 13% of AMMO's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 33% of the fund across 52 positions, as published by its issuer for Sep 21, 2026. Since it launched on Jul 16, 2026 the fund returned +0.9% with distributions reinvested against +1.7% for the S&P 500, so a holder was behind by 0.8 pts. It sits 14.0% below its all-time high of Aug 14, 2026.
ARMY in plain words
By weight, 11% of ARMY's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 47% of the fund across 34 positions, as published by its issuer for Sep 18, 2026. Since it launched on Mar 31, 2026 the fund returned −6.1% with distributions reinvested against +17.7% for the S&P 500, so a holder was behind by 23.8 pts. It sits 14.6% below its all-time high of Aug 14, 2026.
Questions people ask
- Do AMMO and ARMY hold the same stocks?
- By their latest filings, 33% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, AMMO or ARMY?
- AMMO has 13% of its weight in S&P 500 names and ARMY has 11%, so AMMO differs more from the index.
- Which is cheaper, AMMO or ARMY?
- AMMO charges 0.75% a year and ARMY charges 0.68%, so ARMY is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AMMO against ARMY, data as of Sep 18, 2026. https://etfiq.com/compare/themes/ammo-vs-army Free to use with attribution; the underlying files are at Open data.