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
$ 2.8 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 +
| FORTINET INC | 5.4 % |
| RUBRIK INC-A | 5.1 % |
| AKAMAI TECHNOLOGIES | 5.1 % |
| CROWDSTRIKE HOLDINGS, INC. CLASS A | 5.1 % |
| NEBIUS GROUP NV | 4.9 % |
| ZSCALER, INC. | 4.7 % |
| PALO ALTO NETWORKS INC | 4.7 % |
| OKTA, INC. CLASS A | 4.7 % |
| SPRINT CORP. | 4.7 % |
| NEXTDC LIMITED | 4.6 % |
Constituent Breakdown
| Number of holdings | 33 |
| Herfindahl-Hirschman Index | 470 |
| 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. | 98.3% |
| Emerging mkts. | 1.1% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 74.9 % |
 |
NETHERLANDS | 4.9 % |
 |
AUSTRALIA | 4.6 % |
 |
JAPAN | 4.3 % |
 |
ISRAEL | 4.0 % |
 |
CANADA | 3.4 % |
 |
DENMARK | 2.0 % |
 |
BRITAIN | 0.6 % |
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 | 2.0% | 6.3% | 8.6% | -- | -- | -- | -- | 9.4% |
| Dividend Yield | 0.0% | 0.5% | 0.3% | -- | -- | -- | -- | 0.3% |
| Total Returns | 2.0% | 6.8% | 8.9% | -- | -- | -- | -- | 9.7% | Ann. Volatility | 32.2% | 25.1% | 24.5% | -- | -- | -- | -- | 23.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.17 | 33% |
| MSCI EAFE | 0.67 | 15% |
| MSCI Emg Mkts | 0.52 | 15% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 1.3% |
| Avg. Bid/Ask (% of price) | 0.31% |
Technical Indicators
| 30d moving avg. (EMA) | $31.67 |
| Relative strength (RSI) | 64 |
| MACD/Signal | 1.07/0.77 |
| Bollinger Bands (Upper/Lower) | $34.73/$29.24 |
| Short interest (% of AUM) | 2.5% |
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. SPAM |
Expenses vs. SPAM |
ALTAR Score™ vs. SPAM |
|---|---|---|---|---|
| IHAK | iShares Cybersecurity & Tech ETF | 61.5% | +12 bp | +2.0% |
| BUG | Global X Cybersecurity ETF | 60.6% | +16 bp | +0.8% |
| PSWD | Xtrackers Cybersecurity Select Equity ETF | 58.2% | -15 bp | +0.6% |
| WCBR | WisdomTree Cybersecurity Fund | 56.7% | +10 bp | +0.4% |
| HACK | ETFMG Prime Cyber Security ETFMG Prime Cyber Security Fund | 56.2% | +25 bp | +0.8% |
| CIBR | First Trust NASDAQ Cybersecurity ETF | 38.4% | +25 bp | +1.8% |
| DUTY | U.S. Defense ETF | 28.5% | +10 bp | 0.0% |
| FITE | State Street SPDR S&P Kensho Future Security ETF | 19.0% | +10 bp | -1.2% |
| CLOD | Themes Cloud Computing ETF | 17.9% | 0 bp | +1.0% |
| AGIX | KraneShares Artificial Intelligence and Technology ETF | 14.4% | +64 bp | -1.4% |
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.
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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 5/11/2026
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.
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ETF Research Center Rating
3.2%
ALTAR SCORE™
33rd
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 585 funds in the Global Equity category with an average
ALTAR Score™ of 4.3% and a standard deviation
of 2.6%. SPAM's ALTAR Score™ is approximately -0.4 standard
deviations above the category average. This places SPAM in the 33rd percentile
among funds in the category.
Sell-Side Consensus
$39.74
PRICE TARGET
+13.5%
UPSIDE