Data as of .
AMMO vs PPA: which is really different?
AMMO and PPA hold 25% 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
25% 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 PPA hold 25% of their money in the same securities at the same weight.
| Holding | AMMO | PPA |
|---|---|---|
| L3Harris Technologies Inc | 2.51% | 3.73% |
| Elbit Systems Ltd | 2.43% | 3.50% |
| TransDigm Group Inc | 2.20% | 2.92% |
| Palantir Technologies Inc | 3.17% | 1.93% |
| Rocket Lab Corp | 1.62% | 1.70% |
| Curtiss-Wright Corp | 1.84% | 1.45% |
| Carpenter Technology Corp | 1.66% | 1.38% |
| Woodward Inc | 2.09% | 1.25% |
| Keysight Technologies Inc | 1.90% | 0.98% |
| Viasat Inc | 1.08% | 0.92% |
| BWX Technologies Inc | 1.56% | 0.89% |
| AeroVironment Inc | 2.47% | 0.88% |
| Only in AMMO | Only in PPA |
|---|---|
| LIG Defense&Aerospace Co Ltd 4.80% | RTX Corp 8.16% |
| Mildef Group AB 3.78% | Boeing Co/The 6.87% |
| Rheinmetall AG 3.76% | General Electric Co 6.77% |
| Kitron ASA 3.50% | Lockheed Martin Corp 6.67% |
| MP Materials Corp 3.05% | Northrop Grumman Corp 5.04% |
| Chemring Group PLC 2.76% | General Dynamics Corp 4.99% |
| Cohort PLC 2.76% | Parker-Hannifin Corp 3.89% |
| Hensoldt AG 2.36% | Honeywell Aerospace Inc 3.53% |
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 19, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| AMMO | PPA | AMMO | PPA | AMMO | PPA | |
| 3 months | not published | −8.8% | not published | −11.0 pts | not published | −6.3 pts |
| 6 months | not published | −5.5% | not published | −23.5 pts | not published | −29.7 pts |
| 1 year | not published | +6.0% | not published | −10.6 pts | not published | −15.8 pts |
| 3 years | not published | +98.2% | not published | +19.8 pts | not published | +0.1 pts |
| Since launch | +0.9% | +985.0% | −0.8 pts | +181.5 pts | −1.3 pts | −705.2 pts |
| AMMO VistaShares Defense Supercycle ETF Holds 52 stocks in defense, 13% of its weight in S&P 500 companies | PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | VistaShares | Invesco |
| Theme | Defense | Defense |
| In the S&P 500 | 12.6% | 71.7% |
| Active share vs the S&P 500 | 99.1% | 96.4% |
| In the Nasdaq-100 | 3.2% | 4.9% |
| Holdings | 52 | 63 |
| Top ten, share of the fund | 32.6% | 53.6% |
| Expense ratio | 0.75% | 0.58% |
| Fee for the differing part | 0.76% | 0.60% |
| Total return, 1 year | +0.9% (since launch on Jul 16, 2026) | +6.0% |
| vs the S&P 500 | −0.8 pts | −10.6 pts |
| vs the Nasdaq-100 | −1.3 pts | −15.8 pts |
| Below its high | −14.0% | −13.8% |
| Net assets | $3m | $7.6bn |
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.
PPA in plain words
By weight, 72% of PPA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 54% of the fund across 63 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 13.8% below its all-time high of Mar 2, 2026.
Questions people ask
- Do AMMO and PPA hold the same stocks?
- By their latest filings, 25% 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 PPA?
- AMMO has 13% of its weight in S&P 500 names and PPA has 72%, so AMMO differs more from the index.
- Which is cheaper, AMMO or PPA?
- AMMO charges 0.75% a year and PPA charges 0.58%, so PPA 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 PPA, data as of Sep 18, 2026. https://etfiq.com/compare/themes/ammo-vs-ppa Free to use with attribution; the underlying files are at Open data.