GSIB
Themes Global Systemically Important Banks ETF
The Themes Global Systemically Important Banks ETF seeks to provide investors with exposure to a diversified portfolio of global systemically important banks, aiming for long-term capital appreciation while managing risk through strategic allocations.
Global
EQUITY
Active
MANAGEMENT STYLE
21.2 M
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | Themes |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 14, 2023 |
| Assets (mns) | $21 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| STANDARD CHARTERED PLC | 3.7 % |
| AGRICULTURAL BANK OF CHINA-H | 3.7 % |
| TORONTO-DOMINION BANK | 3.7 % |
| BANCO SANTANDER SA-SPON ADR | 3.7 % |
| BANK OF CHINA LTD - H | 3.7 % |
| DEUTSCHE BANK AG-REGISTERED | 3.7 % |
| UBS GROUP AG | 3.7 % |
| CREDIT AGRICOLE SA | 3.6 % |
| CHINA CONSTRUCTION BANK-H | 3.6 % |
| BANK OF COMMUNICATIONS CO-H | 3.6 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 348 |
| Wgt avg mkt cap (mns) | $148,898 |
| Large cap (>$10bn) | 95.7% |
| Mid cap ($2-10bn) | 0.0% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 80.9% |
| Emerging mkts. | 13.6% |
Country Exposure
 |
UNITED STATES | 28.1 % |
 |
CHINA | 14.7 % |
 |
FRANCE | 10.7 % |
 |
JAPAN | 10.1 % |
 |
CANADA | 7.3 % |
 |
BRITAIN | 7.1 % |
 |
GERMANY | 3.7 % |
 |
SPAIN | 3.7 % |
 |
SWITZERLAND | 3.7 % |
 |
HONG KONG | 3.6 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 45.4% | 54.0% | -- | -- | -- | -- | -- | 45.0% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | 45.4% | 54.0% | -- | -- | -- | -- | -- | 45.0% | Ann. Volatility | 22.0% | 20.4% | -- | -- | -- | -- | -- | 18.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.52 | 26% |
| MSCI EAFE | 0.41 | 19% |
| MSCI Emg Mkts | -0.04 | 0% |
Liquidity Measures
| Avg. volume (000) | 9 |
| ADV traded (mns) | $0 |
| Turnover | 2.0% |
| Avg. Bid/Ask (% of price) | 0.32% |
Technical Indicators
| Recent close | $47.09 |
| 30d moving avg. | $47.41 |
| Annualized volatility | 11.4% |
| Relative strength (RSI) | 46 |
| Short interest | 3.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| KBWB | Invesco KBW Bank ETF | 28.5% | 0 bp | +8.0% |
| IYF | iShares U.S. Financials ETF | 21.8% | +5 bp | +5.9% |
| IYG | iShares US Financial Services ETF | 21.4% | +5 bp | +5.4% |
| XLF | Financial Select Sector SPDR Fund | 20.2% | -27 bp | +5.8% |
| UDI | USCF Dividend Income Fund | 20.0% | +30 bp | +8.2% |
| FNCL | Fidelity MSCI Financials Index ETF | 19.2% | -27 bp | +6.5% |
| IXG | iShares Global Financials ETF | 19.1% | +7 bp | +6.7% |
| VFH | Vanguard Financials ETF | 18.7% | -26 bp | +6.5% |
| PWV | Invesco Large Cap Value ETF | 17.2% | +20 bp | +7.6% |
| MAVF | Matrix Advisors Value ETF | 16.7% | +40 bp | +5.9% |
Risk and Returns: GSIB vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/15/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
GSIB
9.7%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 369 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.2%. GSIB's ALTAR Score™ is approximately
1.7 standard deviations
above
the category average. This places GSIB in the 96th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GSIBSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 128 |
| Avg. Expense Ratio | 70.9 bp |
| Std. Deviation | 30.5 bp |
| GSIB (35 bp) Percentile rank | 12 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GSIB | 35.0 | 31.7 | 66.7 |
| Peer Avg. | 70.9 | 35.9 | 106.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .