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
$ 6.5 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 +
| CLEAR SECURE, INC. CLASS A | 6.1 % |
| CHECK POINT SOFTWARE TECH | 5.4 % |
| TENABLE HOLDINGS, INC. | 5.3 % |
| CACI INTERNATIONAL INC -CL A | 5.1 % |
| RESEARCH IN MOTION | 4.9 % |
| VARONIS SYSTEMS INC | 4.8 % |
| QUALYS INC | 4.8 % |
| NETSKOPE INC-CL A | 4.7 % |
| ZSCALER, INC. | 4.5 % |
| TREND MICRO INC | 4.5 % |
Constituent Breakdown
| Number of holdings | 33 |
| Herfindahl-Hirschman Index | 405 |
| Wgt avg mkt cap (mns) | $26,251 |
| Large cap (>$10bn) | 42.0% |
| Mid cap ($2-10bn) | 47.8% |
| Small cap (<$2bn) | 8.4% |
| Developed mkts. | 99.2% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 79.7 % |
 |
ISRAEL | 6.6 % |
 |
CANADA | 4.9 % |
 |
JAPAN | 4.9 % |
 |
DENMARK | 2.2 % |
 |
BRITAIN | 0.5 % |
Historical Performance
Standardized Performance (as of 10/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 53.3% | 34.0% | 27.6% | -- | -- | -- | -- | 24.0% |
| Dividend Yield | 0.0% | 0.6% | 0.4% | -- | -- | -- | -- | 0.3% |
| Total Returns | 53.3% | 34.7% | 28.0% | -- | -- | -- | -- | 24.3% | Ann. Volatility | 34.3% | 32.5% | 29.0% | -- | -- | -- | -- | 26.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.30 | 25% |
| MSCI EAFE | 0.57 | 8% |
| MSCI Emg Mkts | 0.41 | 10% |
Liquidity Measures
| Avg. volume (000) | 3 |
| ADV traded (mns) | $0 |
| Turnover | 2.0% |
| Avg. Bid/Ask (% of price) | 0.28% |
Technical Indicators
| 30d moving avg. (EMA) | $46.17 |
| Relative strength (RSI) | 43 |
| MACD/Signal | -0.69/-0.03 |
| Bollinger Bands (Upper/Lower) | $50.80/$41.98 |
| Short interest (% of AUM) | 1.5% |
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 | 69.7% | +12 bp | +1.3% |
| BUG | Global X Cybersecurity ETF | 63.8% | +15 bp | -0.2% |
| PSWD | Xtrackers Cybersecurity Select Equity ETF | 63.1% | -15 bp | -0.2% |
| HACK | ETFMG Prime Cyber Security ETFMG Prime Cyber Security Fund | 60.8% | +25 bp | -0.1% |
| WCBR | WisdomTree Cybersecurity Fund | 59.0% | +10 bp | +0.5% |
| XA | Corgi AI Cybersecurity ETF | 55.7% | 0 bp | +0.2% |
| CIBR | First Trust NASDAQ Cybersecurity ETF | 35.1% | +23 bp | +1.1% |
| DUTY | U.S. Defense ETF | 30.6% | +10 bp | +0.0% |
| FITE | State Street SPDR S&P Kensho Future Security ETF | 26.0% | +10 bp | -0.2% |
| TSSD | Truth Social American Security & Defense ETF | 23.6% | +30 bp | -0.1% |
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 11/11/2026
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
3.0%
ALTAR SCORE™
26th
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 764 funds in the Global Equity category with an average
ALTAR Score™ of 4.7% and a standard deviation
of 2.6%. SPAM's ALTAR Score™ is approximately -0.7 standard
deviations above the category average. This places SPAM in the 26th percentile
among funds in the category.
Sell-Side Consensus
$51.73
PRICE TARGET
+20.2%
UPSIDE