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
1.8 M
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 08, 2023 |
| Assets (mns) | $2 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | |
| Weighting | Market Cap |
| 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 | 9.3 % |
| ALARM.COM HOLDINGS INC | 5.4 % |
| CROWDSTRIKE HOLDINGS, INC. CLASS A | 5.3 % |
| FORTINET INC | 5.3 % |
| QUALYS INC | 5.1 % |
| NETCOMPANY GROUP A/S | 5.1 % |
| CYBERARK SOFTWARE LTD. | 4.7 % |
| OKTA, INC. CLASS A | 4.6 % |
| ZSCALER, INC. | 4.6 % |
| TENABLE HOLDINGS, INC. | 4.3 % |
Constituent Breakdown
| Number of holdings | 28 |
| Herfindahl-Hirschman Index | 427 |
| Wgt avg mkt cap (mns) | $22,361 |
| Large cap (>$10bn) | 46.2% |
| Mid cap ($2-10bn) | 40.3% |
| Small cap (<$2bn) | 13.5% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 74.4 % |
 |
ISRAEL | 10.7 % |
 |
JAPAN | 6.6 % |
 |
DENMARK | 5.1 % |
 |
CANADA | 3.8 % |
 |
AUSTRALIA | 3.6 % |
Historical Performance
Standardized Performance (as of 11/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 14.7% | -- | -- | -- | -- | -- | 14.7% | Volatility | 19.8% | -- | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.00 | 0% |
| MSCI EAFE | 0.00 | 0% |
| MSCI Emg Mkts | 0.00 | 0% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.40% |
| ADV of underlying (mns) | $7,231 |
Technical Indicators
| Recent close | $29.45 |
| 30d moving avg. | $30.37 |
| Annualized volatility | 0.0% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 1.6% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. SPAM |
Expenses vs. SPAM |
ALTAR Score™ vs. SPAM |
|---|---|---|---|---|
| IHAK | iShares Cybersecurity & Tech ETF | 69.6% | +12 bp | +1.3% |
| BUG | Global X Cybersecurity ETF | 68.9% | +16 bp | +0.6% |
| HACK | ETFMG Prime Cyber Security ETFMG Prime Cyber Security Fund | 53.8% | +25 bp | +1.4% |
| WCBR | WisdomTree Cybersecurity Fund | 53.6% | +10 bp | -0.2% |
| CIBR | First Trust NASDAQ Cybersecurity ETF | 42.7% | +25 bp | +2.0% |
| FITE | SPDR S&P Kensho Future Security ETF | 23.6% | +10 bp | +0.2% |
| MVPS | Amplify Thematic All-Stars ETF | 20.6% | +14 bp | +0.8% |
| CLOD | Themes Cloud Computing ETF | 18.8% | 0 bp | +0.5% |
| TRFK | Pacer Data and Digital Revolution ETF | 17.5% | +25 bp | +1.4% |
| XDAT | Franklin Exponential Data ETF | 15.2% | +15 bp | +0.7% |
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 | --% |
Based on closing prices from 12/18/2024
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
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
2.1%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 375 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
4.8%. SPAM's ALTAR Score™ is approximately
0.5 standard deviations
below
the category average. This places SPAM in the 33rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPAMSELL
U/W
HOLD
O/W
BUY
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 | 40.3 | 75.3 |
| Peer Avg. | 49.1 | 28.8 | 77.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .