ETF Evaluator:
VistaShares Defense Supercycle ETF (AMMO)
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Best Performing in Industrials Over the Last Year
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ETF Details
VistaShares Defense Supercycle ETF Overview
VistaShares Defense Supercycle ETF (AMMO) is a passively managed Sector Equity Industrials exchange-traded fund (ETF). VistaShares Advisors LLC launched the ETF in 2026.
The investment seeks long term capital appreciation.
Under normal circumstances, the fund will invest at least 80% of the fund’s net assets (plus borrowings for investment purposes) in defense procurement supply chain companies. It is non-diversified.
About VistaShares Defense Supercycle ETF (AMMO)
There are 3 members of the management team with an average tenure of 0.04 years: Andrew Hicks (2026), Qiao Duan (2026) and Adam Patti (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: BITA VistaShares Defense Sprcycl TR USD index with a weighting of 100%. VistaShares Defense Supercycle ETF has 53 securities in its portfolio. The top 10 holdings constitute 31.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VistaShares Defense Supercycle ETF is part of the Equity global asset class and is within the Sector Equity ETF group. VistaShares Defense Supercycle ETF has 54.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 45.8% There is 54.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VistaShares Defense Supercycle ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $1 billion average for the Industrials category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AMMO Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VistaShares Defense Supercycle ETF expense ratio is above average compared to funds in the Industrials category. VistaShares Defense Supercycle ETF has an expense ratio of 0.75%, which is 47% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VistaShares Defense Supercycle ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 40% for the Industrials category.
Recently, in the month of July 2026, VistaShares Defense Supercycle ETF returned 0.0%, which earned it a grade of NA, as the Industrials category had an average return of -4.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VistaShares Defense Supercycle ETF has a trailing yield of 0.00%, which is below the 1.11% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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AMMO Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AMMO Return (NAV) | na | na | na | na | na | na |
| AMMO Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Industrials Avg | -4.0% | -1.4% | 24.7% | 17.8% | 11.5% | 13.6% |
| AMMO Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| AMMO Tax-Cost Ratio | na | na | na | na | na | na |
AMMO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AMMO Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| AMMO Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Industrials Avg | 12.6% | 27.1% | 14.2% | 21.4% | -12.8% | 20.7% | 15.4% | 30.3% | -13.4% | 22.8% | 22.1% |
| AMMO Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 1 Mil |
| Share Class Assets: | $ 1 Mil |
| Turnover: | na |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | BITA VistaShares Defense Sprcycl TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Hicks Andrew (2026), Duan Qiao (2026), Patti Adam (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 53 |
| % in Top 10 Holdings: | 31.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 54.1% |
Portfolio Allocation |
|
| Domestic Stock: | 45.8% |
| Foreign Stock: | 54.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VistaShares Advisors LLC |
| Phone Number: | 844-875-2288 |
| Website: | |
| Inception Date: | July 15, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.51% |
