Do AMMO and GCAD hold the same stocks?

By their latest filings, 23% 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 GCAD?

AMMO has 17% of its weight in S&P 500 names and GCAD has 40%, so AMMO differs more from the index.

Which is cheaper, AMMO or GCAD?

AMMO charges 0.75% a year and GCAD charges 0.10%, so GCAD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

AMMO vs GCAD: Holdings Overlap & Returns

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AMMO and GCAD hold 23% 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 $44m on Jun 30, 2026 for Gabelli Commercial Aerospace and Defense ETF.

AMMO on its own →GCAD on its own →

At a glance

17.4%

AMMO in the S&P 500

40.1%

GCAD in the S&P 500

−10.6%

AMMO total return, since launch, Jul 16, 2026

+9.4%

GCAD total return, 1 year

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.

GCAD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500

40% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

GCAD costs 0.65 points a year less.

AMMO vs GCAD: Holdings Overlap & Returns
Measure	AMMO	GCAD
Return
Measure	AMMO	GCAD
Total return, 1 year	not published	+9.4%
Drawdown
Measure	AMMO	GCAD
Below its all-time high	23.7%, high on Aug 14, 2026	15.6%, high on Aug 14, 2026
Benchmark
Measure	AMMO	GCAD
What it tracks	Defense	Defense
Cost and size
Measure	AMMO	GCAD
Expense ratio	0.75%	0.10%
Net assets, AMMO as of Nov 4, 2026 and GCAD as of Jun 30, 2026	$2.4m	$44m
Holdings
Measure	AMMO	GCAD
Holdings in common	23%

Method

What they share

23%

By the books each fund has filed, AMMO and GCAD hold 23% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.

50%

0 half 100%

half

23% in common

Positions both hold · largest shared weight first AMMO GCAD

L3Harris Technologies Inc 2.94% 4.01%

Ducommun Inc 2.27% 4.74%

Woodward Inc 2.37% 2.10%

Moog Inc 2.07% 6.20%

TransDigm Group Inc 2.76% 2.03%

Curtiss-Wright Corp 1.64% 2.44%

RTX Corp 1.59% 4.14%

Mercury Systems Inc 1.33% 3.93%

Carpenter Technology Corp 1.32% 1.41%

Howmet Aerospace Inc 0.87% 2.60%

MTU Aero Engines AG 1.05% 0.77%

Leonardo DRS Inc 0.76% 0.88%

Only in one fund ↓

Only in AMMO

Mildef Group AB 4.50%

Kitron ASA 3.66%

Cohort PLC 3.37%

Chemring Group PLC 3.20%

LIG Defense&Aerospace Co Ltd 3.12%

Hensoldt AG 2.69%

MP Materials Corp 2.59%

Kongsberg Gruppen ASA 2.48%

Only in GCAD

ALBANY INTERNATIONAL CORP 6.84%

BOEING COMPANY (THE) 5.20%

HEXCEL CORP 4.57%

LOCKHEED MARTIN CORP 3.97%

TEXTRON INC 3.87%

NORTHROP GRUMMAN CORP 3.48%

CRANE COMPANY 3.06%

GENERAL DYNAMICS CORP 2.39%

Check overlap with more funds →

Window by window

Window by window: AMMO vs GCAD: Holdings Overlap & Returns
	Total return
Window	AMMO	GCAD
3 months	−19.6%	−14.0%
6 months	–	−7.1%
1 year	–	+9.4%
3 years	–	+105.6%
Since launchNot the same days: AMMO Jul 2026 · GCAD Jan 2023	−10.6%	+117.4%

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Side by side

AMMO VistaShares Defense Supercycle ETF · Holds 53 stocks in defense, 17% of its weight in S&P 500 companies GCAD Gabelli Commercial Aerospace and Defense ETF · Holds 51 stocks in defense, 40% of its weight in S&P 500 companies

Issuer VistaShares Gabelli

Theme Defense Defense

In the S&P 500 17.4% 40.1%

Active share vs the S&P 500 98.6% 97.2%

In the Nasdaq-100 4.9% 4.4%

Holdings 53 51

Top ten, share of the fund 33.8% 47.5%

Expense ratio 0.75% 0.10%

Fee for the differing part 0.76% 0.10%

Total return, 1 year −10.6% (since launch, Jul 16, 2026) +9.4%

vs its benchmark not measured not measured

Below its high −23.7% −15.6%

Net assets, AMMO as of Nov 4, 2026 and GCAD as of Jun 30, 2026 $2.4m $44m

As of Nov 4, 2026. Source: ETFIQ.

23% 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.

GCAD

By weight, 40% of GCAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 48% of the fund across 51 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +9.4% with distributions reinvested. It sits 15.6% below its all-time high of Aug 14, 2026.

Questions people ask

Do AMMO and GCAD hold the same stocks?: By their latest filings, 23% 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 GCAD?: AMMO has 17% of its weight in S&P 500 names and GCAD has 40%, so AMMO differs more from the index.
Which is cheaper, AMMO or GCAD?: AMMO charges 0.75% a year and GCAD charges 0.10%, so GCAD is cheaper. Fees come from each fund's prospectus.

Other comparisons

AMMO vs FOWF AMMO vs EUAD AMMO vs WAR AMMO vs WDAF GCAD vs XDEF GCAD vs WDGF GCAD vs WR GCAD vs TSSD

Where to next

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

Sources and dates

AMMO filings on SEC EDGAR ↗

AMMO prospectus with the expense ratio (SEC) ↗

VistaShares page for AMMO ↗

GCAD filings on SEC EDGAR ↗

GCAD prospectus with the expense ratio (SEC) ↗

Gabelli website ↗

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.

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

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