Data as of .
AMMO vs NATO: which is really different?
AMMO and NATO hold 21% 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
21% 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 NATO hold 21% of their money in the same securities at the same weight.
| Holding | AMMO | NATO |
|---|---|---|
| L3Harris Technologies Inc | 2.51% | 2.52% |
| Rheinmetall AG | 3.76% | 2.41% |
| TransDigm Group Inc | 2.20% | 3.40% |
| Rolls-Royce Holdings PLC | 2.09% | 7.16% |
| Rocket Lab Corp | 1.62% | 2.51% |
| Teledyne Technologies Inc | 1.96% | 1.44% |
| Curtiss-Wright Corp | 1.84% | 1.31% |
| Safran SA | 1.05% | 4.89% |
| MTU Aero Engines AG | 0.95% | 1.03% |
| Howmet Aerospace Inc | 0.84% | 4.85% |
| BWX Technologies Inc | 1.56% | 0.83% |
| Saab AB | 1.99% | 0.72% |
| Only in AMMO | Only in NATO |
|---|---|
| LIG Defense&Aerospace Co Ltd 4.80% | General Electric Co 9.73% |
| Mildef Group AB 3.78% | RTX Corp 7.61% |
| Kitron ASA 3.50% | Boeing Co/The 7.28% |
| Palantir Technologies Inc 3.17% | Lockheed Martin Corp 5.19% |
| MP Materials Corp 3.05% | Airbus SE 5.10% |
| TTM Technologies Inc 2.49% | General Dynamics Corp 3.63% |
| Elbit Systems Ltd 2.43% | BAE Systems PLC 3.38% |
| Theon International PLC 2.35% | Northrop Grumman Corp 3.37% |
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 Jun 30, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| AMMO | NATO | AMMO | NATO | AMMO | NATO | |
| 3 months | not published | −6.6% | not published | −8.9 pts | not published | −4.1 pts |
| 6 months | not published | −3.4% | not published | −21.5 pts | not published | −27.7 pts |
| 1 year | not published | +0.6% | not published | −16.0 pts | not published | −21.2 pts |
| Since launch | +0.9% | +49.9% | −0.8 pts | +15.4 pts | −1.3 pts | +2.3 pts |
| AMMO VistaShares Defense Supercycle ETF Holds 52 stocks in defense, 13% of its weight in S&P 500 companies | NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | VistaShares | Themes |
| Theme | Defense | Defense |
| In the S&P 500 | 12.6% | 58.4% |
| Active share vs the S&P 500 | 99.1% | 97.6% |
| In the Nasdaq-100 | 3.2% | 5.1% |
| Holdings | 52 | 84 |
| Top ten, share of the fund | 32.6% | 58.8% |
| Expense ratio | 0.75% | 0.35% |
| Fee for the differing part | 0.76% | 0.36% |
| Total return, 1 year | +0.9% (since launch on Jul 16, 2026) | +0.6% |
| vs the S&P 500 | −0.8 pts | −16.0 pts |
| vs the Nasdaq-100 | −1.3 pts | −21.2 pts |
| Below its high | −14.0% | −14.4% |
| Net assets | $3m | $95m |
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.
NATO in plain words
By weight, 58% 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 59% of the fund across 84 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +0.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 16.0 pts. It sits 14.4% below its all-time high of Mar 2, 2026.
Questions people ask
- Do AMMO and NATO hold the same stocks?
- By their latest filings, 21% 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 NATO?
- AMMO has 13% of its weight in S&P 500 names and NATO has 58%, 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
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 NATO, data as of Sep 18, 2026. https://etfiq.com/compare/themes/ammo-vs-nato Free to use with attribution; the underlying files are at Open data.