Data as of .
AMMO vs WAR: which is really different?
AMMO and WAR hold 14% 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
14% 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 WAR hold 14% of their money in the same securities at the same weight.
| Holding | AMMO | WAR |
|---|---|---|
| Mildef Group AB | 3.78% | 7.21% |
| Palantir Technologies Inc | 3.17% | 3.19% |
| Theon International PLC | 2.35% | 3.52% |
| Rolls-Royce Holdings PLC | 2.09% | 4.09% |
| Karman Holdings Inc | 1.17% | 3.71% |
| Only in AMMO | Only in WAR |
|---|---|
| LIG Defense&Aerospace Co Ltd 4.80% | Astera Labs Inc 9.50% |
| Rheinmetall AG 3.76% | Axon Enterprise Inc 8.76% |
| Kitron ASA 3.50% | Micron Technology Inc 8.59% |
| MP Materials Corp 3.05% | DroneShield Ltd 5.04% |
| Chemring Group PLC 2.76% | Intuitive Machines Inc 4.98% |
| Cohort PLC 2.76% | Teradyne Inc 4.96% |
| L3Harris Technologies Inc 2.51% | Electro Optic Systems Holdings 4.11% |
| TTM Technologies Inc 2.49% | Lattice Semiconductor Corp 4.08% |
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 | WAR | AMMO | WAR | AMMO | WAR | |
| 3 months | not published | −7.9% | not published | −10.2 pts | not published | −5.4 pts |
| Since launch | +0.9% | −9.7% | −0.8 pts | −11.7 pts | −1.3 pts | −8.6 pts |
| AMMO VistaShares Defense Supercycle ETF Holds 52 stocks in defense, 13% 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 | 12.6% | 38.3% |
| Active share vs the S&P 500 | 99.1% | 92.4% |
| In the Nasdaq-100 | 3.2% | 31.5% |
| Holdings | 52 | 28 |
| Top ten, share of the fund | 32.6% | 61.3% |
| Expense ratio | 0.75% | 0.60% |
| Fee for the differing part | 0.76% | 0.65% |
| Total return, 1 year | +0.9% (since launch on Jul 16, 2026) | −9.7% (since launch on May 26, 2026) |
| vs the S&P 500 | −0.8 pts | −11.7 pts |
| vs the Nasdaq-100 | −1.3 pts | −8.6 pts |
| Below its high | −14.0% | −13.8% |
| Net assets | $3m | $41m |
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.
WAR in plain words
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. Since it launched on May 26, 2026 the fund returned −9.7% with distributions reinvested against +2.0% for the S&P 500, so a holder was behind by 11.7 pts. It sits 13.8% 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, which is mostly different names. 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 13% 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
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 WAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/ammo-vs-war Free to use with attribution; the underlying files are at Open data.