Do AMMO and NATO hold the same stocks?

By their latest filings, 24% 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 NATO?

AMMO has 17% of its weight in S&P 500 names and NATO has 54%, so AMMO differs more from the index.

Which is cheaper, AMMO or NATO?

AMMO charges 0.75% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

AMMO vs NATO: Holdings Overlap & Returns

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AMMO and NATO hold 24% of their weight in the same names.

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Net assets on Nov 4, 2026: $2.4m for VistaShares Defense Supercycle ETF and $88m for Themes Transatlantic Defense ETF.

AMMO on its own →NATO on its own →

At a glance

17.4%

AMMO in the S&P 500

54.5%

NATO in the S&P 500

−10.6%

AMMO total return, since launch, Jul 16, 2026

−1.8%

NATO 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.

NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

NATO costs 0.40 points a year less; NATO is far larger, $88m against $2.4m.

Points (pts) are percentage points.

AMMO vs NATO: Holdings Overlap & Returns
Measure	AMMO	NATO
Return
Measure	AMMO	NATO
Total return, 1 year	not published	−1.8%
Drawdown
Measure	AMMO	NATO
Below its all-time high	23.7%, high on Aug 14, 2026	16.1%, high on Mar 2, 2026
Against its benchmark
Measure	AMMO	NATO
What it tracks	Defense	Defense
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		behind by 16.8 pts
Cost and size
Measure	AMMO	NATO
Expense ratio	0.75%	0.35%
Net assets	$2.4m	$88m
Holdings
Measure	AMMO	NATO
Holdings in common	24%

Method

What they share

24%

By the books each fund has filed, AMMO and NATO hold 24% of their money in the same securities at the same weight. Holdings dated Nov 4, 2026.

50%

0 half 100%

half

24% in common

Positions both hold · largest shared weight first AMMO NATO

TransDigm Group Inc 2.76% 3.45%

Rheinmetall AG 4.09% 2.75%

L3Harris Technologies Inc 2.94% 2.52%

RTX Corp 1.59% 8.53%

Rolls-Royce Holdings PLC 1.52% 7.09%

Teledyne Technologies Inc 2.29% 1.51%

Rocket Lab Corp 1.47% 1.61%

LEONARDO-FINMECCANICA SPA 2.00% 1.20%

Saab AB 2.39% 1.06%

MTU Aero Engines AG 1.05% 1.09%

Safran SA 1.04% 5.75%

Curtiss-Wright Corp 1.64% 0.87%

Only in one fund ↓

Only in AMMO

Mildef Group AB 4.50%

Kitron ASA 3.66%

Palantir Technologies Inc 3.42%

LIG Defense&Aerospace Co Ltd 3.12%

Elbit Systems Ltd 2.66%

MP Materials Corp 2.59%

Woodward Inc 2.37%

Theon International PLC 2.36%

Only in NATO

GE AEROSPACE 8.40%

Boeing Co 6.81%

AIRBUS GROUP SE 6.66%

Lockheed Martin Corp 5.19%

General Dynamics Corp 4.36%

BAE Systems PLC 4.19%

Northrop Grumman Corp 3.90%

Honeywell Aerospace Inc 2.60%

Check overlap with more funds →

Window by window

Window by window: AMMO vs NATO: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AMMO	NATO	AMMO	NATO
3 months	−19.6%	−14.7%	not measured	−13.4 pts vs ACWI
6 months	–	−6.9%	–	−9.5 pts vs ACWI
1 year	–	−1.8%	–	−16.8 pts vs ACWI
Since launchNot the same days: AMMO Jul 2026 · NATO Oct 2024	−10.6%	+47.0%	not measured	+10.9 pts vs ACWI

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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 NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies

Issuer VistaShares Themes

Theme Defense Defense

In the S&P 500 17.4% 54.5%

Active share vs the S&P 500 98.6% 97.7%

In the Nasdaq-100 4.9% 5.9%

Holdings 53 83

Top ten, share of the fund 33.8% 61.2%

Expense ratio 0.75% 0.35%

Fee for the differing part 0.76% 0.36%

Total return, 1 year −10.6% (since launch, Jul 16, 2026) −1.8%

vs its benchmark not measured −16.8 pts vs ACWI

Below its high −23.7% −16.1%

Net assets $2.4m $88m

As of Nov 4, 2026. Source: ETFIQ.

24% 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.

NATO

By weight, 54% of NATO'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 61% of the fund across 83 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 16.8 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do AMMO and NATO hold the same stocks?: By their latest filings, 24% 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 NATO?: AMMO has 17% of its weight in S&P 500 names and NATO has 54%, so AMMO differs more from the index.
Which is cheaper, AMMO or NATO?: AMMO charges 0.75% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Other comparisons

AMMO vs XDEF AMMO vs DUTY AMMO vs WR AMMO vs AV NATO vs DUTY NATO vs XDEF NATO vs WDGF NATO 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 →NATO on its own →AMMO holdings →NATO dividend history →NATO holdings →Method →Standards and sources →

Sources and dates

AMMO filings on SEC EDGAR ↗

AMMO prospectus with the expense ratio (SEC) ↗

VistaShares page for AMMO ↗

NATO filings on SEC EDGAR ↗

NATO prospectus with the expense ratio (SEC) ↗

Themes page for NATO ↗

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 NATO, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ammo-vs-nato

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