{
 "ticker": "AMMO",
 "name": "VistaShares Defense Supercycle ETF",
 "issuer": "VistaShares",
 "desk": "themes",
 "url": "https://etfiq.com/funds/ammo",
 "html": "https://etfiq.com/funds/ammo",
 "markdown": "https://etfiq.com/funds/ammo.md",
 "as_of": "2026-09-11",
 "verdict": "AMMO holds 51 stocks, and 87% of its weight is outside the S&P 500.",
 "key_facts": [
  {
   "key": "already_in_the_s_p_500",
   "label": "Already in the S&P 500",
   "value": "12.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AMMO, already in the S&P 500: 12.6%, as of Sep 11, 2026."
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "99.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AMMO, active share vs the S&P 500: 99.1%, as of Sep 11, 2026."
  },
  {
   "key": "top_ten_holdings",
   "label": "Top ten holdings",
   "value": "32.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AMMO, top ten holdings: 32.5%, as of Sep 11, 2026."
  },
  {
   "key": "total_return_since_launch",
   "label": "Total return, since launch",
   "value": "+0.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "AMMO, total return, since launch: +0.2%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "AMMO, net assets: $3m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.75%",
   "source": "485BPOS XBRL, Jul 10, 2026",
   "as_of": "2026-09-11",
   "sentence": "AMMO, expense ratio: 0.75% (485BPOS XBRL, Jul 10, 2026)."
  }
 ],
 "fields": [
  {
   "key": "theme",
   "label": "Theme",
   "value": "Defense",
   "source": "ETFIQ, editorial"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 16, 2026",
   "source": null
  },
  {
   "key": "already_in_the_s_p_500_by_weight",
   "label": "Already in the S&P 500, by weight",
   "value": "12.6%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "99.1%",
   "source": "ETFIQ"
  },
  {
   "key": "already_in_the_nasdaq_100_by_weight",
   "label": "Already in the Nasdaq-100, by weight",
   "value": "3.0%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_nasdaq_100",
   "label": "Active share vs the Nasdaq-100",
   "value": "98.4%",
   "source": "ETFIQ"
  },
  {
   "key": "top_ten_holdings_weight",
   "label": "Top ten holdings weight",
   "value": "32.5%",
   "source": null
  },
  {
   "key": "holdings",
   "label": "Holdings",
   "value": "51",
   "source": null
  },
  {
   "key": "holdings_as_of",
   "label": "Holdings as of",
   "value": "Sep 14, 2026",
   "source": "the issuer\u2019s daily file"
  },
  {
   "key": "top_holdings",
   "label": "Top holdings",
   "value": "LIG Defense&Aerospace Co Ltd 4.5%, Rheinmetall AG 3.8%, Mildef Group AB 3.7%, Kitron ASA 3.5%, MP Materials Corp 3.3%, Palantir Technologies Inc 3.0%, Chemring Group PLC 2.8%, Cohort PLC 2.7%, TTM Technologies Inc 2.7%, L3Harris Technologies Inc 2.5%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "below_its_all_time_high",
   "label": "Below its all-time high",
   "value": "\u221214.5%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.75%",
   "source": "485BPOS XBRL, Jul 10, 2026"
  },
  {
   "key": "fee_for_the_part_that_differs_from_the_s_p_500_active_expense_ratio",
   "label": "Fee for the part that differs from the S&P 500, active expense ratio",
   "value": "0.76%",
   "source": "ETFIQ"
  },
  {
   "key": "closest_funds_by_holdings_overlap",
   "label": "Closest funds by holdings overlap",
   "value": "WDGF 35%, ARMY 33%, GALX 28%, XAR 27%, IDEF 26%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "Since launch",
   "Total return": "+0.2%",
   "S&P 500": "+1.8%",
   "Gap to S&P 500": "\u22121.6 pts",
   "Gap to Nasdaq-100": "\u22121.0 pts"
  }
 ],
 "questions": [
  {
   "q": "How much of AMMO is in S&P 500 companies?",
   "a": "By its holdings published by its issuer for Sep 14, 2026, 13% of AMMO by weight is stocks the S&P 500 already holds. Its active share against the index is 99%, so that share is the part doing something different."
  },
  {
   "q": "What does AMMO hold?",
   "a": "51 positions as published by its issuer for Sep 14, 2026, with the top ten at 32% of the fund. The largest are LIG Defense&Aerospace Co Ltd at 4.5%, Rheinmetall AG at 3.8%, Mildef Group AB at 3.7%."
  },
  {
   "q": "Has AMMO beaten the S&P 500?",
   "a": "Over the year to Sep 11, 2026 AMMO returned +0.2% with distributions reinvested, against +1.8% for the S&P 500, so it finished behind the index by 1.6 points."
  },
  {
   "q": "What does AMMO cost?",
   "a": "The prospectus expense ratio is 0.75% a year. Because 99% of the fund differs from the S&P 500, the fee on that differing part works out at 0.76%."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}