SPAM
Themes Cybersecurity ETF
SPAM seeks to track a concentrated index of stocks from developed markets that derive their revenues from digital security software. Stocks are weighted based on market capitalization.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 2.4 M
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Inception date | Dec 08, 2023 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| PALO ALTO NETWORKS INC | 7.9 % |
| AKAMAI TECHNOLOGIES | 5.8 % |
| NEBIUS GROUP NV | 5.6 % |
| NEXTDC LIMITED | 5.2 % |
| CACI INTERNATIONAL INC -CL A | 5.2 % |
| COREWEAVE INC-CL A | 5.0 % |
| FORTINET INC | 5.0 % |
| SPRINT CORP. | 4.5 % |
| CROWDSTRIKE HOLDINGS, INC. CLASS A | 4.4 % |
| BOOZ ALLEN HAMILTON HOLDINGS | 4.2 % |
Constituent Breakdown
| Number of holdings | 32 |
| Herfindahl-Hirschman Index | 409 |
| Wgt avg mkt cap (mns) | $20,712 |
| Large cap (>$10bn) | 48.3% |
| Mid cap ($2-10bn) | 35.8% |
| Small cap (<$2bn) | 8.0% |
| Developed mkts. | 97.5% |
| Emerging mkts. | 1.7% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 72.5 % |
 |
NETHERLANDS | 5.7 % |
 |
AUSTRALIA | 5.2 % |
 |
ISRAEL | 4.8 % |
 |
JAPAN | 4.4 % |
 |
DENMARK | 2.3 % |
 |
CANADA | 2.0 % |
 |
CHINA | 1.3 % |
 |
BRITAIN | 0.7 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -6.5% | -5.3% | 0.2% | -- | -- | -- | -- | 5.9% |
| Dividend Yield | 0.0% | 0.5% | 0.3% | -- | -- | -- | -- | 0.3% |
| Total Returns | -6.5% | -4.8% | 0.5% | -- | -- | -- | -- | 6.2% | Ann. Volatility | 34.2% | 27.3% | 23.4% | -- | -- | -- | -- | 23.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.03 | 53% |
| MSCI EAFE | 1.06 | 41% |
| MSCI Emg Mkts | 0.93 | 38% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 1.3% |
| Avg. Bid/Ask (% of price) | 0.25% |
Technical Indicators
| 30d moving avg. (EMA) | $29.74 |
| Relative strength (RSI) | 48 |
| MACD/Signal | -0.06/-0.25 |
| Bollinger Bands (Upper/Lower) | $30.85/$27.80 |
| Short interest (% of AUM) | 2.5% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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. SPAM |
Expenses vs. SPAM |
ALTAR Score™ vs. SPAM |
|---|---|---|---|---|
| IHAK | iShares Cybersecurity & Tech ETF | 64.4% | +12 bp | +2.2% |
| PSWD | Xtrackers Cybersecurity Select Equity ETF | 57.9% | -15 bp | +0.6% |
| BUG | Global X Cybersecurity ETF | 56.1% | +16 bp | +1.0% |
| HACK | ETFMG Prime Cyber Security ETFMG Prime Cyber Security Fund | 45.9% | +25 bp | +0.7% |
| WCBR | WisdomTree Cybersecurity Fund | 45.1% | +10 bp | +0.3% |
| CIBR | First Trust NASDAQ Cybersecurity ETF | 42.2% | +25 bp | +2.1% |
| CLOU | Global X Cloud Computing ETF | 16.3% | +33 bp | +0.3% |
| CLOD | Themes Cloud Computing ETF | 16.2% | 0 bp | +0.9% |
| FITE | State Street SPDR S&P Kensho Future Security ETF | 16.0% | +10 bp | -1.4% |
| IGV | iShares Expanded Tech-Software Sector ETF | 13.3% | +6 bp | +1.0% |
Risk and Returns: SPAM 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.
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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
Content on this tab for Individual & Professional subscribers only. Start your FREE trial
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 3/20/2026
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.
Some content on this tab for Individual & Professional subscribers only. Start your FREE trial
ETF Research Center Rating
3.6%
ALTAR SCORE™
35th
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 567 funds in the Global Equity category with an average
ALTAR Score™ of 4.7% and a standard deviation
of 2.7%. SPAM's ALTAR Score™ is approximately -0.4 standard
deviations above the category average. This places SPAM in the 35th percentile
among funds in the category.
Sell-Side Consensus
$38.93
PRICE TARGET
+28.2%
UPSIDE