AMMO vs FOWF: Grades, Fees and Holdings Compared

VistaShares Defense Supercycle ETF

AMMODNYSE Arca

Pacer Solactive Whitney Future of Warfare ETF

FOWFBCboe

Overlap

13.0%by weight

Expense ratio

FOWF −0.26pt a year

AMMO0.75%FOWF0.49%

Avg volume · 30D

AMMO 1.4×the volume

AMMO2.59KFOWF1.79K

AMMO vs FOWF Performance

Jul 31, 2026 – Nov 2, 2026

−10.3%AMMO−0.2%FOWF

Expense ratio: AMMO 0.75%; FOWF 0.49%, better
Fund size: AMMO $3M; FOWF $15M
1Y total return: AMMO No data; FOWF +12.2%
Yield (12M): AMMO No data; FOWF 0.74%
Holdings: AMMO 55; FOWF 88
Avg volume (30D): AMMO 2.59K sh, better; FOWF 1.79K sh
NAV per share: AMMO $22.96; FOWF $35.06
52W range

ETF.net Grade

Pillar letters and Scores for AMMO, FOWF, with each pillar’s weight
Pillar	AMMO	FOWF
Cost30% weight	F16	C52Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D31	A89Higher
Tradability15% weight	D31	C46Higher
Holdings10% weight	A87Higher	A75
Durability5% weight	F16	B64Higher

Rank among Defense & Aerospace funds

How we build Categories ›

Same Category. AMMO and FOWF are both graded against the same 25 Defense & Aerospace funds, so their Grades compare head to head.

Defense & Aerospace⁠

Category · 25 funds

See all 25 ›

FOWF ranks 4th and AMMO 21st of 25 funds in the Defense & Aerospace Category.

Rank 1AXARState Street SPDR S&P Aerospace & Defense ETFScore 78
Rank 2AITAiShares U.S. Aerospace & Defense ETFScore 74
Rank 3BFLDZTrueShares Patriot Defense ETFScore 62
Rank 4BFOWFPacer Solactive Whitney Future of Warfare ETFScore 61
Rank 4BPPAInvesco Aerospace & Defense ETFScore 61
Rank 20DARMYTema International Defense Innovation ETFScore 32
Rank 21DAMMOVistaShares Defense Supercycle ETFScore 31
Rank 22DJEDIDrone and Modern Warfare ETFScore 29

Our read on each fund

ETF.net Research

AMMODVistaShares Defense Supercycle ETF

FOWFBPacer Solactive Whitney Future of Warfare ETF

In short

AMMO No data

FOWF Most defense funds are built around the old primes. FOWF tracks the Solactive Whitney Future of Warfare Index, aimed at companies behind emerging defense technology across the U.S. and allied nations.

Stated mandate

AMMO No data

FOWF The Fund seeks capital appreciation by tracking companies that support critical emerging defense technologies in the U.S. and its allied nations.

Why people hold it

AMMO No data

FOWF Points at the next war, not the last one: the index targets companies supporting critical emerging defense technologies, not a broad aerospace-and-defense basket.
0.49% a year, right at the middle of the defense-theme pack. No niche premium charged for the narrower mandate.
The mandate covers the U.S. and its allied nations, so allied suppliers abroad are in scope, not just Pentagon contractors.
Roughly 100 holdings spread the theme across many names instead of a few giants, and the fund distributes quarterly.

Worth knowing

AMMO No data

FOWF Launched in December 2024, so the track record is short and any read on its risk profile rests on limited history.
Small and thinly traded next to category heavyweights like ITA and XAR, which can mean wider spreads on larger orders.
A narrow theme tied to defense budgets and procurement cycles, so it can move very differently from a broad market fund.

Full AMMO profile⁠

Full FOWF profile⁠

AMMO vs FOWF Holdings

How AMMO and FOWF differ

Overlap by weight

13.0%

Shared holdings make up 27.2% of AMMO and 19.1% of FOWF.

Level by level

Holdings14 in both13.0%
Countryby domicile60.6%
Sector5 Sectors80.1%
Asset classEquity100%

Sector

Sector weights in AMMO and FOWF, widest gap first
Sector	More in AMMOMore in FOWF	AMMO	FOWF
Industrials	AMMO +19.4 points	78.3%	58.9%
Technology	FOWF +13.2 points	18.6%	31.8%
Communication	FOWF +5.4 points	0.0%	5.4%
Consumer Discretionary	FOWF +1.4 points	0.0%	1.4%
Materials	AMMO +0.5 points	3.1%	2.6%

Country, concentration and asset class

Country by domicile

Country weights in AMMO and FOWF, widest gap first
Country	More in AMMOMore in FOWF	AMMO	FOWF
United States	FOWF +36.0 points	44.2%	80.2%
Germany	AMMO +9.5 points	11.9%	2.4%
South Korea	AMMO +5.9 points	5.9%	0.0%
Sweden	AMMO +5.3 points	6.8%	1.5%
Norway	AMMO +5.0 points	5.8%	0.8%
Israel	AMMO +4.5 points	4.5%	0.0%
Italy	AMMO +2.9 points	3.5%	0.6%
Spain	AMMO +1.8 points	1.8%	0.0%
Other countries (8)	AMMO +1.1 points	15.6%	14.5%

Outside the US: AMMO 79% developed, 21% emerging.

Concentration

Weight in the 10 largest Holdings

AMMO33.8%
FOWF48.5%

Securities held

AMMO54
FOWF86

Asset class

AMMO: Equity
FOWF: Equity

Holdings

Only in AMMO40
In both14
Only in FOWF72

Only in AMMO

40 securities, 74.5% of AMMO by weight

Mildef Group AB4.46%
Cohort PLC3.57%
Kitron ASA3.55%
Chemring Group PLC3.16%
LIG Defense&Aerospace Co Ltd2.99%
MP Materials Corp2.74%
Elbit Systems Ltd2.71%
Hensoldt AG2.71%
Saab AB2.39%
Theon International PLC2.36%
Teledyne Technologies Inc2.29%
Ducommun Inc2.23%
Moog Inc2.14%
Woodward Inc2.12%
AeroVironment Inc2.09%
Kratos Defense & Security Solutions Inc2.00%
TTM Technologies Inc1.88%
Indra Sistemas SA1.83%
Next Vision Stabilized Systems Ltd1.80%
Curtiss-Wright Corp1.66%
Avio SpA1.62%
First American Government Obligations Fund 12/01/20311.61%
Exosens SACA1.58%
RENK Group AG1.48%
BWX Technologies Inc1.48%
Rocket Lab Corp1.48%
Csg NV1.47%
Karman Holdings Inc1.41%
Mercury Systems Inc1.38%
Hanwha Systems Co Ltd1.24%
Carpenter Technology Corp1.23%
Viasat Inc1.17%
Electro Optic Systems Holdings Ltd1.17%
Red Cat Holdings Inc1.12%
Exail Technologies SA0.86%
MACOM Technology Solutions Holdings Inc0.82%
Leonardo DRS Inc0.77%
LightPath Technologies Inc0.76%
Poongsan Corp0.69%
nLight Inc0.47%

Only in FOWF

72 securities, 80.8% of FOWF by weight

Lockheed Martin Corp8.25%
Northrop Grumman Corp7.38%
General Dynamics Corp7.24%
Boeing Co/The5.77%
Leidos Holdings Inc4.01%
BAE Systems PLC2.71%
Zscaler Inc1.08%
Crowdstrike Holdings Inc0.91%
Strategy Inc0.90%
Salesforce Inc0.85%
Synopsys Inc0.85%
Dassault Systemes SE0.82%
Capgemini SE0.81%
Sage Group PLC/The0.81%
Roper Technologies Inc0.81%
Hewlett Packard Enterprise Co0.79%
International Business Machines Corp0.78%
Microsoft Corp0.78%
Palo Alto Networks Inc0.75%
Saab AB0.75%
Hexagon AB0.75%
Fortive Corp0.74%
BT Group PLC0.74%
Emerson Electric Co0.74%
CGI Inc0.73%
Nucor Corp0.72%
Dell Technologies Inc0.71%
NVIDIA Corp0.70%
Vulcan Materials Co0.70%
Johnson Controls International plc0.70%
Advanced Micro Devices Inc0.70%
Honeywell International Inc0.70%
Microchip Technology Inc0.69%
Snowflake Inc0.69%
Oracle Corp0.69%
Vertiv Holdings Co0.69%
Experian PLC0.69%
Amazon.com Inc0.69%
Dover Corp0.68%
Air Liquide SA0.68%
Smiths Group PLC0.68%
Adobe Inc0.68%
DuPont de Nemours Inc0.68%
AMETEK Inc0.67%
Cloudflare Inc0.67%
Vodafone Group PLC0.66%
Cadence Design Systems Inc0.66%
Illinois Tool Works Inc0.66%
Verizon Communications Inc0.65%
Halma PLC0.64%

Weight gaps

All 14 Holdings in both funds, largest gap first.

Holding weights in AMMO and FOWF, widest gap first
Holding	More in AMMOMore in FOWF	AMMO	FOWF
RTX CorpRTX	FOWF +5.40 points	1.53%	6.93%
Rheinmetall AG	AMMO +3.44 points	4.04%	0.60%
Palantir Technologies IncPLTR	AMMO +2.01 points	3.53%	1.52%
TransDigm Group IncTDG	AMMO +1.88 points	2.50%	0.62%
Kongsberg Gruppen ASA	AMMO +1.56 points	2.41%	0.84%
Motorola Solutions IncMSI	AMMO +1.31 points	2.08%	0.77%
Leonardo-Finmeccanica Spa	AMMO +1.31 points	1.94%	0.63%
Rolls-Royce Holdings PLCRR.L	AMMO +0.86 points	1.42%	0.56%
Keysight Technologies IncKEYS	AMMO +0.74 points	1.40%	0.66%
L3Harris Technologies IncLHX	FOWF +0.62 points	3.02%	3.64%
Safran SA	AMMO +0.41 points	0.94%	0.53%
MTU Aero Engines AG	AMMO +0.36 points	0.96%	0.60%
Howmet Aerospace IncHWM	AMMO +0.30 points	0.78%	0.48%
CAE Inc	FOWF +0.05 points	0.61%	0.67%

All 56 AMMO holdings⁠All 93 FOWF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AMMO vs FOWF Cost

Overpaying AMMO vs FOWF

$4,690

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AMMO 0.75%
$14,482
FOWF 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

AMMO 0.75%
FOWF 0.49%
Overpaying

Year by year

Year	AMMO	FOWF	Overpaying
10	$1,336	$883	$453
20	$5,078	$3,394	$1,684
30	$14,482	$9,792	$4,690

Expense ratio

0.75%AMMO
0.49%FOWF, cheaper

FOWF0.49%AMMO0.75%

0.35%1.11%

Middle half of Defense & Aerospace funds
Median 0.50%

FOWF 11th cheapest of 25 funds

AMMO 21st cheapest of 25 funds

AMMO vs FOWF Dividends

Last 12 months to Nov 2, 2026

Yield (12M): AMMO No data; FOWF 0.74%
Payout (12M): AMMO None; FOWF $0.26
Last payment: AMMO No data; FOWF $0.06
Ex-dividend: AMMO No data; FOWF Sep 3, 2026
Paid on: AMMO No data; FOWF Sep 8, 2026
Frequency: AMMO No data; FOWF Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

AMMOAll AMMO payments⁠

No distribution history available.

FOWFQuarterly · 7 paymentsAll FOWF payments⁠

AMMO vs FOWF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AMMO No dataFOWF 13.1%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: AMMO No dataFOWF 1.36since Jan 2025
Worst fallMax drawdown, 5 years: AMMO No dataFOWF −12.3%since Dec 2024
Market sensitivityBeta, 5 years: AMMO 0.00FOWF 0.55; Market = 1

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