Do AMMO and ARMY hold the same stocks?

By their latest filings, 37% of their books are the same securities at the same weight. 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 17% of its weight in S&P 500 names and ARMY has 12%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

AMMO vs ARMY: Holdings Overlap & Returns

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AMMO and ARMY hold 37% of their weight in the same names.

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Net assets: $2.4m on Nov 4, 2026 for VistaShares Defense Supercycle ETF, and $13m on Nov 3, 2026 for Tema International Defense ETF.

AMMO on its own →ARMY on its own →

At a glance

AMMO · 3 months to Nov 4, 2026 83% of its weight is outside the S&P 500

17% of AMMO's weight is in S&P 500 companies and 83% is outside the index. Holdings as of Nov 4, 2026.

ARMY · 6 months to Nov 4, 2026 89% of its weight is outside the S&P 500

12% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

ARMY costs 0.07 points a year less; ARMY is 5.2 times larger.

AMMO vs ARMY: Holdings Overlap & Returns
Measure	AMMO	ARMY
Drawdown
Measure	AMMO	ARMY
Below its all-time high	23.7%, high on Aug 14, 2026	16.5%, high on Aug 14, 2026
Benchmark
Measure	AMMO	ARMY
What it tracks	Defense	Defense
Cost and size
Measure	AMMO	ARMY
Expense ratio	0.75%	0.68%
Net assets, as of Nov 3, 2026	$2.5m	$13m
Holdings
Measure	AMMO	ARMY
Holdings in common	37%

Method

What they share

37%

By the books each fund has filed, AMMO and ARMY hold 37% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

50%

0 half 100%

half

37% in common

Positions both hold · largest shared weight first AMMO ARMY

Chemring Group PLC 3.20% 3.68%

Palantir Technologies Inc 3.42% 2.82%

Hensoldt AG 2.69% 3.44%

Elbit Systems Ltd 2.66% 3.83%

Kongsberg Gruppen ASA 2.48% 4.17%

Rheinmetall AG 4.09% 2.46%

Saab AB 2.39% 3.71%

LEONARDO-FINMECCANICA SPA 2.00% 3.55%

Indra Sistemas SA 1.80% 3.52%

RTX Corp 1.59% 1.71%

RENK Group AG 1.56% 2.64%

Rolls-Royce Holdings PLC 1.52% 3.05%

Only in one fund ↓

Only in AMMO

Mildef Group AB 4.50%

Kitron ASA 3.66%

Cohort PLC 3.37%

LIG Defense&Aerospace Co Ltd 3.12%

TransDigm Group Inc 2.76%

MP Materials Corp 2.59%

Woodward Inc 2.37%

Theon International PLC 2.36%

Only in ARMY

ANDURIL SPV EXPOSURE 7.99%

QINETIQ GROUP PLC 3.91%

DASSAULT AVIATION SA 3.86%

BAE SYSTEMS PLC 3.60%

BABCOCK INTERNATIONAL GROUP PLC 3.53%

THALES SA 3.34%

TKMS AG & CO KGAA 2.80%

DRONESHIELD LTD 2.64%

Check overlap with more funds →

Window by window

Window by window: AMMO vs ARMY: Holdings Overlap & Returns
	Total return
Window	AMMO	ARMY
3 months	−19.6%	−13.9%
6 months	–	−9.5%
Since launch	−10.6%	–

– means no data for this window. Open this comparison in the app →

Side by side

AMMO VistaShares Defense Supercycle ETF · Holds 53 stocks in defense, 17% of its weight in S&P 500 companies ARMY Tema International Defense ETF · Holds 36 stocks in defense, 12% of its weight in S&P 500 companies

Issuer VistaShares Tema

Theme Defense Defense

In the S&P 500 17.4% 11.5%

Active share vs the S&P 500 98.6% 98.4%

In the Nasdaq-100 4.9% 5.8%

Holdings 53 36

Top ten, share of the fund 33.8% 41.8%

Expense ratio 0.75% 0.68%

Fee for the differing part 0.76% 0.69%

Total return, 1 year −10.6% (since launch, Jul 16, 2026) not available

vs its benchmark not measured not available

Below its high −23.7% −16.5%

Net assets, AMMO as of Nov 4, 2026 and ARMY as of Nov 3, 2026 $2.4m $13m

As of Nov 4, 2026. Source: ETFIQ.

37% of the two portfolios are the same securities at the same weight.

Alert

About each fund

AMMO

By weight, 17% 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 34% of the fund across 53 positions, as published by its issuer for Nov 4, 2026. Since it first traded on Jul 16, 2026 the fund returned −10.6% with distributions reinvested. It sits 23.7% below its all-time high of Aug 14, 2026.

ARMY

By weight, 12% 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 42% of the fund across 36 positions, as published by its issuer for Nov 3, 2026. It sits 16.5% below its all-time high of Aug 14, 2026.

Questions people ask

Do AMMO and ARMY hold the same stocks?: By their latest filings, 37% of their books are the same securities at the same weight. 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 17% of its weight in S&P 500 names and ARMY has 12%, 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

AMMO vs FOWF AMMO vs WDAF AMMO vs TSSD AMMO vs WDGF ARMY vs DUTY ARMY vs XDEF ARMY vs WDGF ARMY vs WR

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →AMMO on its own →ARMY on its own →AMMO holdings →ARMY holdings →Method →Standards and sources →

Sources and dates

AMMO filings on SEC EDGAR ↗

AMMO prospectus with the expense ratio (SEC) ↗

VistaShares page for AMMO ↗

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AMMO against ARMY, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ammo-vs-army

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.