HWAY
Themes US Infrastructure ETF
The Themes US Infrastructure ETF seeks to provide investors with exposure to companies involved in the development, maintenance, and management of infrastructure within the United States.
US
EQUITY
Passive
MANAGEMENT STYLE
$ 3.3 M
ASSETS UNDER MGMT
29 bp
EXPENSES
Fund Basics
| Inception date | Sep 11, 2024 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| QUANTA SERVICES INC | 5.5 % |
| CATERPILLAR INC | 4.9 % |
| UNION PACIFIC CORP | 4.5 % |
| CSX CORP | 4.4 % |
| EMERSON ELECTRIC CO | 4.2 % |
| CRH PLC | 4.0 % |
| DEERE & CO | 4.0 % |
| PARKER HANNIFIN CORP | 3.8 % |
| NORFOLK SOUTHERN CORP | 3.7 % |
| COMFORT SYSTEMS USA INC | 3.6 % |
Constituent Breakdown
| Number of holdings | 99 |
| Herfindahl-Hirschman Index | 261 |
| Wgt avg mkt cap (mns) | $62,318 |
| Large cap (>$10bn) | 81.7% |
| Mid cap ($2-10bn) | 16.5% |
| Small cap (<$2bn) | 1.2% |
| Developed mkts. | 99.6% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 95.7 % |
 |
IRELAND | 4.0 % |
Historical Performance
Standardized Performance (as of 04/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 21.2% | 50.9% | -- | -- | -- | -- | -- | 27.2% |
| Dividend Yield | 0.0% | 1.9% | -- | -- | -- | -- | -- | 1.2% |
| Total Returns | 21.2% | 52.8% | -- | -- | -- | -- | -- | 28.4% | Ann. Volatility | 24.3% | 19.5% | -- | -- | -- | -- | -- | 22.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.13 | 52% |
| MSCI EAFE | 0.89 | 44% |
| MSCI Emg Mkts | 0.63 | 36% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 1.04% |
Technical Indicators
| 30d moving avg. (EMA) | $36.08 |
| Relative strength (RSI) | 59 |
| MACD/Signal | 0.83/0.79 |
| Bollinger Bands (Upper/Lower) | $38.35/$34.82 |
| Short interest (% of AUM) | 0.2% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. HWAY |
Expenses vs. HWAY |
ALTAR Score™ vs. HWAY |
|---|---|---|---|---|
| PAVE | Global X U.S. Infrastructure Development ETF | 62.1% | +18 bp | -0.5% |
| IFRA | iShares U.S. Infrastructure ETF | 46.2% | +1 bp | +0.5% |
| FIDU | Fidelity MSCI Industrial Index ETF | 28.3% | -21 bp | -0.8% |
| VIS | Vanguard Industrials ETF | 27.5% | -20 bp | -0.7% |
| XLI | Industrial Select Sector SPDR | 26.8% | -21 bp | -0.7% |
| IYJ | iShares U.S. Industrials ETF | 23.3% | +11 bp | -0.3% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 22.4% | +11 bp | +0.3% |
| LVDS | JPMorgan Fundamental Data Science Large Value ETF | 22.1% | +20 bp | +0.6% |
| PRN | Invesco Dorsey Wright Industrials Momentum ETF | 21.3% | +31 bp | -3.2% |
| RBLD | First Trust Alerian US NextGen Infrastructure ETF | 20.8% | +36 bp | -0.7% |
Risk and Returns: HWAY 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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| 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 | 2025 | 2026 | 2027 | |
| 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 5/17/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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
5.0%
ALTAR SCORE™
42nd
PERCENTILE
NEUTRAL
ETFRC RATING
There are 1,207 funds in the US Equity category with an average
ALTAR Score™ of 5.4% and a standard deviation
of 2.1%. HWAY's ALTAR Score™ is approximately -0.2 standard
deviations above the category average. This places HWAY in the 42nd percentile
among funds in the category.
Sell-Side Consensus
$37.93
PRICE TARGET
+3.2%
UPSIDE
Bid/Ask Spreads
104 bp
AVG SPREAD
20 —
644 bp
RANGE