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

1.7 M

ASSETS UNDER MGMT

35 bp

EXPENSES
Fund Basics
Fund sponsor
CategoryGlobal
Asset classEquity
Websitelink...
Inception dateDec 08, 2023
Assets (mns)$2
Expense ratio35 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selection
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
FORTINET INC 5.8 %
TREND MICRO INC 5.6 %
VARONIS SYSTEMS INC 5.4 %
SPRINT CORP. 5.4 %
CACI INTERNATIONAL INC -CL A 5.3 %
CLEAR SECURE, INC. CLASS A 5.2 %
CHECK POINT SOFTWARE TECH 5.1 %
BOOZ ALLEN HAMILTON HOLDINGS 4.6 %
CYBERARK SOFTWARE LTD. 4.6 %
PALO ALTO NETWORKS INC 4.5 %
Constituent Breakdown
Number of holdings29
Herfindahl-Hirschman Index 430
Wgt avg mkt cap (mns)$18,645
Large cap (>$10bn)43.8%
Mid cap ($2-10bn)44.1%
Small cap (<$2bn)12.2%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 70.2 %
ISRAEL 11.3 %
JAPAN 7.1 %
AUSTRALIA 4.2 %
DENMARK 3.8 %
CANADA 2.6 %
Historical Performance


Standardized Performance (as of 09/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 9.4% -- -- -- -- -- 9.4%
Volatility 20.6% -- -- -- -- -- --
Market Correlations
versus...BetaR-squared
S&P 5000.000%
MSCI EAFE0.000%
MSCI Emg Mkts0.000%
Liquidity Measures
Avg. volume (000)1
Turnover1.7%
Avg. Bid/Ask (% of price)0.39%
ADV of underlying (mns)$3,586
Technical Indicators
Recent close$28.68
30d moving avg.$28.09
Annualized volatility0.0%
Relative strength (RSI)50
Short interest (ETF)1.8%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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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
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
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 --%
3.5 32.8 4.3 0.3% --
Based on closing prices from 10/8/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
SPAM



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

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

SPAM

1.9%

Cat. Avg

4.1%


ALTAR Score™ Calculation

Category Overview
There are 363 funds in the Global Equity category, with an average ALTAR Score™ of 4.1% and a standard deviation of 4.7%. SPAM's ALTAR Score™ is approximately 0.5 standard deviations below the category average. This places SPAM in the 32nd percentile among funds in the category.
Sell Side Consensus Rating

Sell-side recommendations on the ETF's individual constituents

SPAM
Peer Average
SELL
U/W
HOLD
O/W
BUY
Factor Scorecard

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Expense Analysis

Peer Group Rules-Based
Global Equity ETFs
# of ETFs 191
Avg. Expense Ratio 55.4 bp
Std. Deviation 17.5 bp
SPAM (35 bp) Percentile rank 13
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
SPAM 35.0 39.4 74.4
Peer Avg. 51.9 29.4 81.3
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .