Do AMMO and PPA 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 PPA?

AMMO has 17% of its weight in S&P 500 names and PPA has 77%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

AMMO vs PPA: Holdings Overlap & Returns

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AMMO and PPA 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 $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.

AMMO on its own →PPA on its own →

At a glance

17.4%

AMMO in the S&P 500

77.0%

PPA in the S&P 500

−10.6%

AMMO total return, since launch, Jul 16, 2026

+1.6%

PPA 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.

PPA · 1 year to Nov 4, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

PPA costs 0.17 points a year less; PPA is far larger, $7.7bn against $2.5m.

Points (pts) are percentage points.

AMMO vs PPA: Holdings Overlap & Returns
Measure	AMMO	PPA
Return
Measure	AMMO	PPA
Total return, 1 year	not published	+1.6%
Drawdown
Measure	AMMO	PPA
Below its all-time high	23.7%, high on Aug 14, 2026	14.9%, high on Mar 2, 2026
Against its benchmark
Measure	AMMO	PPA
What it tracks	Defense	Defense
Against the S&P 500, 1 year		behind by 13.2 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 13.2 pts
Cost and size
Measure	AMMO	PPA
Expense ratio	0.75%	0.58%
Net assets, as of Nov 3, 2026	$2.5m	$7.7bn
Holdings
Measure	AMMO	PPA
Holdings in common	23%

Method

What they share

23%

By the books each fund has filed, AMMO and PPA hold 23% 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

23% in common

Positions both hold · largest shared weight first AMMO PPA

L3Harris Technologies Inc 2.94% 4.22%

TransDigm Group Inc 2.76% 3.59%

Elbit Systems Ltd 2.66% 2.83%

RTX Corp 1.59% 9.45%

Palantir Technologies Inc 3.42% 1.50%

Curtiss-Wright Corp 1.64% 1.05%

Woodward Inc 2.37% 1.00%

Howmet Aerospace Inc 0.87% 3.90%

Carpenter Technology Corp 1.32% 0.80%

Rocket Lab Corp 1.47% 0.77%

Viasat Inc 1.06% 0.74%

Leonardo DRS Inc 0.76% 0.74%

Only in one fund ↓

Only in AMMO

Mildef Group AB 4.50%

Rheinmetall AG 4.09%

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%

Only in PPA

Lockheed Martin Corp 9.58%

General Electric Co 8.89%

Boeing Co 7.76%

General Dynamics Corp 5.62%

Northrop Grumman Corp 5.12%

Honeywell Aerospace Inc 3.70%

Parker-Hannifin Corp 3.47%

Amphenol Corp 2.25%

Check overlap with more funds →

Window by window

Window by window: AMMO vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	AMMO	PPA	AMMO	PPA
3 months	−19.6%	−14.0%	not measured	−13.9 pts vs IVV
6 months	–	−6.3%	–	−11.3 pts vs IVV
1 year	–	+1.6%	–	−13.2 pts vs IVV
3 years	–	+90.4%	–	+7.0 pts vs IVV
Since launchNot the same days: AMMO Jul 2026 · PPA Oct 2005	−10.6%	+1,183.3%	not measured	not measured

– 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 PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies

Issuer VistaShares Invesco

Theme Defense Defense

In the S&P 500 17.4% 77.0%

Active share vs the S&P 500 98.6% 96.4%

In the Nasdaq-100 4.9% 8.8%

Holdings 53 70

Top ten, share of the fund 33.8% 61.8%

Expense ratio 0.75% 0.58%

Fee for the differing part 0.76% 0.60%

Total return, 1 year −10.6% (since launch, Jul 16, 2026) +1.6%

vs its benchmark not measured −13.2 pts vs IVV

Below its high −23.7% −14.9%

Net assets, AMMO as of Nov 4, 2026 and PPA as of Nov 3, 2026 $2.4m $7.7bn

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.

PPA

By weight, 77% 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.

Questions people ask

Do AMMO and PPA 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 PPA?: AMMO has 17% of its weight in S&P 500 names and PPA has 77%, 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

AMMO vs SHLD AMMO vs XAR AMMO vs ITA AMMO vs IDEF PPA vs DUTY PPA vs XDEF PPA vs WDGF PPA 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 →PPA on its own →AMMO holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

AMMO filings on SEC EDGAR ↗

AMMO prospectus with the expense ratio (SEC) ↗

VistaShares page for AMMO ↗

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

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

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