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Launched · SEC filings

Themes Cybersecurity ETF

SPAMNasdaqThemesB

$44.61−2.35 (−5.01%)

At close: Nov 2, 2026, 4:00 PM ET

B55/ 100

Rank 5 of 9 in Cybersecurity

B55/100Rank 5 of 9inCybersecurity
Intraday session: down, 79 prints from 46.97 to 44.61. Range 44.61 to 47.12. Use the arrow keys to read each point.45.0045.5046.0046.5010 AM12 PM2 PM4 PM
Expense ratio
0.35%
Fund size
$7M
1Y total return
+34.7%
Yield · Last 12 months
0.32%
Holdings
41
Avg volume · 30D
2.24K sh
52W range
low $27.43high $50.29
Launched
Filings
SEC EDGAR

The ETF.net SPAM Grade

Based on 5 of 6 pillars

B

Score 55 out of 100

Category
Cybersecurity⁠
Rank
5 of 9
Six-pillar profile for SPAM. Scores out of 100: Cost 79, Risk 50, Mission not scored, Tradability 16, Holdings 70, Durability 16. Strongest: Cost (79). Weakest: Durability (16). Based on 5 of 6 pillars.

Score 55 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A79 out of 100
    Rank 2 of 9

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C50 out of 100
    Rank 5 of 9

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F16 out of 100
    Rank 8 of 9

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A70 out of 100
    Rank 2 of 8

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    F16 out of 100
    Rank 8 of 9

Our read on SPAM

ETF.net Research

In short

BBest ticker on the tape, and a genuinely cheap one: SPAM holds the 35 largest digital-security software companies for 0.35% a year, less than the typical cybersecurity fund. A concentrated, software-only cut of the theme.

Stated mandate

The fund seeks to follow the Solactive Cyber Security Index, which selects the 35 largest digital-security software companies by market capitalization.

Why people hold it

  • At 0.35% a year it comes in under the median cybersecurity ETF, and the group's bigger names (IHAK, CIBR, HACK, BUG) all charge more.
  • Pure play by design: the Solactive index selects the 35 largest digital-security software companies by market cap, so the theme is not padded out with loosely related hardware.
  • Roughly 40 holdings, rules-based and passive, spanning US and developed international security names. You can see exactly what you own and why it is in there.

Worth knowing

  • Assets are small and the shares trade thinly, which typically means wider spreads. Limit orders are standard practice at this size.
  • It launched in December 2023, so the track record is short next to the longest-tenured funds in cybersecurity.
  • Distributions arrive annual or semiannual, and about 40 stocks inside one theme concentrates the ride.

SPAM Holdings

Holdings pillarA70 out of 100Rank 2 of 8 in Cybersecurity
Asset class
Stocks
Holdings
41
Top-10 weight
54%
Largest holding
ZS6.7%

Sectors

  • Technology90.5%
  • Industrials6.0%
  • Communication3.1%
  • Real Estate0.2%
  • Financials0.2%

Geography

  • United States84.65%
  • Israel5.18%
  • Japan3.51%
  • Canada3.13%
  • Australia1.80%
  • Denmark1.08%
  • United Kingdom0.29%
  • Hong Kong0.22%
  • Other countries (1)0.14%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1ZSZscaler Inc6.73%1,990$473K224
2RBRKRubrik Inc5.98%3,385$420K160
3OKTAOkta Inc5.76%1,946$405K262
4BAHBooz Allen Hamilton Holding Corp5.74%4,562$404K197
5CACICACI International Inc5.55%577$390K158
6CRWDCrowdstrike Holdings Inc5.32%1,494$374K488
7SSentinelOne Inc4.87%13,609$342K128
8QLYSQualys Inc4.79%1,502$337K199
9PANWPalo Alto Networks Inc4.64%891$326K505
10CHKPCheck Point Software Technologies Ltd4.52%2,089$318K95
114704.TTrend Micro Inc/Japan3.63%5,500$255K84
12FTNTFortinet Inc3.53%1,823$248K476
13TENBTenable Holdings Inc3.37%4,668$237K146
14VRNSVaronis Systems Inc3.36%4,835$236K95
15FFIVF5 Inc3.28%681$230K330

Showing 1–15 of 41 holdings

SPAM Performance

Launched Dec 8, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
SPAM$13,468
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. SPAM $13,468. SPY $11,199. Use the arrow keys to read each point.$7,500$10,000$12,500Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for SPAM. Periods over one year show the average yearly return.
PeriodSPAM
Year to date+53.2%
1 month−0.3%
3 months+14.4%
1 year+34.7%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPAM
YearReturn barSPAM
2026 YTD+53.2%
2025+4.9%
2024+10.6%
2023+5.4%

Since listing, Dec 8, 2023

SPAM in the news

SPAM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.32%Last 12 months
Payout per share
$0.15Last 12 months
Last payment
$0.15 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 24, 2024 $0.04; Dec 18, 2025 $0.15. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 18, 2025Dec 19, 2025$0.15
Dec 24, 2024Dec 26, 2024$0.04

$10,000 in SPAM 1 year ago paid $42.83 in dividends.

SPAM Risk

Risk pillarC50 out of 100Rank 5 of 9 in Cybersecurity
How much the fund’s monthly returns vary, scaled to a year.
22.7%
Annualised · 34 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.81
vs 3-month T-bills · 34 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−24.0%
34 months · trough Feb 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.08
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

SPAM Cost

Compare SPAM and PSWD

Overpaying vs PSWD, cheapest in Cybersecurity

$2,971

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPAM 0.35%

    $7,126

  • PSWD 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • SPAM 0.35%
  • PSWD 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K051015202530SPAM $7,126PSWD $4,155

Year by year

YearSPAMPSWDOverpaying
10$634$365$269
20$2,454$1,421$1,033
30$7,126$4,155$2,971

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