Do AMMO and WAR hold the same stocks?

By their latest filings, 14% 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 WAR?

AMMO has 17% of its weight in S&P 500 names and WAR has 38%, so AMMO differs more from the index.

Which is cheaper, AMMO or WAR?

AMMO charges 0.75% a year and WAR charges 0.60%, so WAR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

AMMO vs WAR: Holdings Overlap & Returns

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AMMO and WAR hold 14% 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 $41m on Jun 30, 2026 for U.S. Global Technology and Aerospace & Defense ETF.

AMMO on its own →WAR on its own →

At a glance

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.

WAR · 3 months to Nov 4, 2026 62% of its weight is outside the S&P 500

38% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

WAR costs 0.15 points a year less.

AMMO vs WAR: Holdings Overlap & Returns
Measure	AMMO	WAR
Drawdown
Measure	AMMO	WAR
Below its all-time high	23.7%, high on Aug 14, 2026	27.7%, high on Jun 2, 2026
Benchmark
Measure	AMMO	WAR
What it tracks	Defense	Defense
Cost and size
Measure	AMMO	WAR
Expense ratio	0.75%	0.60%
Net assets, AMMO as of Nov 4, 2026 and WAR as of Jun 30, 2026	$2.4m	$41m
Active share vs the S&P 500	99%	92%
Holdings
Measure	AMMO	WAR
Holdings in common	14%

Method

What they share

14%

By the books each fund has filed, AMMO and WAR hold 14% 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

14% in common

Positions both hold · largest shared weight first AMMO WAR

Mildef Group AB 4.50% 7.17%

Palantir Technologies Inc 3.42% 3.18%

Theon International PLC 2.36% 3.50%

Rolls-Royce Holdings PLC 1.52% 4.06%

Karman Holdings Inc 1.25% 3.69%

Electro Optic Systems Holdings Ltd 1.03% 4.09%

Only in one fund ↓

Only in AMMO

Rheinmetall AG 4.09%

Kitron ASA 3.66%

Cohort PLC 3.37%

Chemring Group PLC 3.20%

LIG Defense&Aerospace Co Ltd 3.12%

L3Harris Technologies Inc 2.94%

TransDigm Group Inc 2.76%

Hensoldt AG 2.69%

Only in WAR

Astera Labs Inc 9.45%

Axon Enterprise Inc 8.71%

Micron Technology Inc 8.54%

DroneShield Ltd 5.01%

Intuitive Machines Inc 4.95%

Teradyne Inc 4.93%

Lattice Semiconductor Corp 4.05%

BE Semiconductor Industries NV 3.82%

Check overlap with more funds →

Window by window

Window by window: AMMO vs WAR: Holdings Overlap & Returns
	Total return
Window	AMMO	WAR
3 months	−19.6%	−18.5%
Since launch	−10.6%	–

– 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 WAR U.S. Global Technology and Aerospace & Defense ETF · Holds 28 stocks in defense, 38% of its weight in S&P 500 companies

Issuer VistaShares U.S. Global

Theme Defense Defense

In the S&P 500 17.4% 38.1%

Active share vs the S&P 500 98.6% 92.5%

In the Nasdaq-100 4.9% 48.1%

Holdings 53 28

Top ten, share of the fund 33.8% 61.0%

Expense ratio 0.75% 0.60%

Fee for the differing part 0.76% 0.65%

Total return, 1 year −10.6% (since launch, Jul 16, 2026) not available

vs its benchmark not measured not available

Below its high −23.7% −27.7%

Net assets, AMMO as of Nov 4, 2026 and WAR as of Jun 30, 2026 $2.4m $41m

As of Nov 4, 2026. Source: ETFIQ.

14% 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.

WAR

By weight, 38% of WAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 61% of the fund across 28 positions, as filed for Jun 30, 2026. It sits 27.7% below its all-time high of Jun 2, 2026.

Questions people ask

Do AMMO and WAR hold the same stocks?: By their latest filings, 14% 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 WAR?: AMMO has 17% of its weight in S&P 500 names and WAR has 38%, so AMMO differs more from the index.
Which is cheaper, AMMO or WAR?: AMMO charges 0.75% a year and WAR charges 0.60%, so WAR is cheaper. Fees come from each fund's prospectus.

Other comparisons

AMMO vs GCAD AMMO vs WDEF AMMO vs NATO AMMO vs KDEF WAR vs XDEF WAR vs WDGF WAR vs WR WAR vs ARMY

Where to next

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

Sources and dates

AMMO filings on SEC EDGAR ↗

AMMO prospectus with the expense ratio (SEC) ↗

VistaShares page for AMMO ↗

WAR filings on SEC EDGAR ↗

WAR prospectus with the expense ratio (SEC) ↗

U.S. Global 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.

Cite this pageCitation, APA and Markdown

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

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