IHAK vs SPAM: Grades, Fees and Holdings Compared

iShares Cybersecurity and Tech ETF

IHAKBNYSE Arca

Themes Cybersecurity ETF

SPAMBNasdaq

Overlap

68.0%by weight

Expense ratio

SPAM −0.12pt a year

IHAK0.47%SPAM0.35%

Avg volume · 30D

IHAK 86.8×the volume

IHAK194KSPAM2.24K

IHAK vs SPAM Performance

Oct 31, 2025 – Oct 30, 2026

+42.1%IHAK+34.7%SPAM

Expense ratio: IHAK 0.47%; SPAM 0.35%, better
Fund size: IHAK $1.26B; SPAM $7M
1Y total return: IHAK +42.1%, better; SPAM +34.7%
Yield (12M): IHAK 0.06%; SPAM 0.32%, better
Holdings: IHAK 47; SPAM 41
Avg volume (30D): IHAK 194K sh, better; SPAM 2.24K sh
NAV per share: IHAK $73.67; SPAM $46.87
52W range

ETF.net Grade

Pillar letters and Scores for IHAK, SPAM, with each pillar’s weight
Pillar	IHAK	SPAM
Cost30% weight	B58	A79Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	C50
Tradability15% weight	B67Higher	F16
Holdings10% weight	A71Higher	A70
Durability5% weight	A73Higher	F16

Rank among Cybersecurity funds

How we build Categories ›

Same Category. IHAK and SPAM are both graded against the same 8 Cybersecurity funds, so their Grades compare head to head.

Cybersecurity⁠

Category · 8 funds

See all 8 ›

IHAK ranks 1st and SPAM 5th of 8 funds in the Cybersecurity Category.

Rank 1BIHAKiShares Cybersecurity and Tech ETFScore 64
Rank 2BPSWDXtrackers Cybersecurity Select Equity ETFScore 59
Rank 4BCIBRFirst Trust Nasdaq Cybersecurity ETFScore 57
Rank 5BSPAMThemes Cybersecurity ETFScore 55
Rank 6CWCBRWisdomTree Cybersecurity FundScore 53

Our read on each fund

ETF.net Research

IHAKBiShares Cybersecurity and Tech ETF

SPAMBThemes Cybersecurity ETF

In short

IHAK The cheap, genuinely global way to own cybersecurity. IHAK tracks a worldwide cyber index that reaches into emerging markets, holds roughly 40 names, and undercuts the category's two best-known funds on fees.

SPAM Best 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

IHAK The fund tracks a global equity index of companies focused on cybersecurity hardware, software, and services, providing exposure across developed and emerging markets.

SPAM 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

IHAK 0.47% a year, under the cybersecurity cohort's 0.50% median and below both CIBR (0.58%) and HACK (0.60%).
Genuinely global mandate: the NYSE FactSet Global Cyber Security Index spans developed and emerging markets, so security spending outside the US counts.ishares.com
About 40 names across cyber hardware, software and services. Tight enough to be a real theme bet, wide enough not to ride on one vendor.
Live since 2019 on iShares plumbing, and it stands in the upper tier of its eight-fund cybersecurity peer group.

SPAM 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

IHAK One theme, roughly 40 stocks. If enterprise security budgets stall, there is nowhere inside the portfolio to hide.
Volume is moderate rather than heavy. Less actively traded funds can carry wider bid-ask spreads, especially around the open and close.
Global reach cuts both ways: foreign and emerging-market holdings add currency and country risk on top of the tech cycle.

SPAM 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.

Full IHAK profile⁠

Full SPAM profile⁠

IHAK vs SPAM Holdings

How IHAK and SPAM differ

Overlap by weight

68.0%

Shared holdings make up 85.2% of IHAK and 77.0% of SPAM.

Level by level

Holdings25 in both68.0%
Countryby domicile93.3%
Sector5 Sectors94.8%
Asset classEquity100%

Sector

Sector weights in IHAK and SPAM, widest gap first
Sector	More in IHAKMore in SPAM	IHAK	SPAM
Industrials	IHAK +5.2 points	11.2%	6.0%
Communication	SPAM +3.1 points	0.0%	3.0%
Technology	SPAM +1.7 points	88.8%	90.5%
Real Estate	SPAM +0.2 points	0.0%	0.2%
Financials	SPAM +0.2 points	0.0%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in IHAK and SPAM, widest gap first
Country	More in IHAKMore in SPAM	IHAK	SPAM
United States	SPAM +4.6 points	80.1%	84.7%
Taiwan	IHAK +2.0 points	2.1%	0.1%
Australia	SPAM +1.8 points	0.0%	1.8%
Germany	IHAK +1.5 points	1.5%	0.0%
Denmark	IHAK +1.5 points	2.6%	1.1%
United Kingdom	IHAK +1.2 points	1.5%	0.3%
Other countries (4)	IHAK +0.2 points	12.2%	12.0%

Concentration

Weight in the 10 largest Holdings

IHAK52.7%
SPAM53.9%

Securities held

IHAK35
SPAM41

Asset class

IHAK: Equity
SPAM: Equity

Holdings

Only in IHAK10
In both25
Only in SPAM16

Only in IHAK

10 securities, 14.7% of IHAK by weight

Science Applications International4.15%
Blackberry2.80%
Calix Networks2.55%
Accton Technology1.98%
Teamviewer1.57%
Ncc Group PLC0.64%
Allot Ltd0.48%
Digital Arts Inc0.43%
Zetrix Ai0.09%
Twd/Usd0.00%

Only in SPAM

16 securities, 23.0% of SPAM by weight

Rubrik Inc5.98%
F5 Inc3.28%
BlackBerry Ltd2.96%
Nebius Group NV2.90%
CoreWeave Inc2.48%
Fastly Inc2.12%
NEXTDC Ltd1.77%
Arlo Technologies Inc0.90%
SUNeVision Holdings Ltd0.23%
First American Treasury Obligations Fund 01/01/20400.20%
Bit Digital Inc0.17%
Japanese Yen0.04%
Danish Krone<0.01%
Hong Kong Dollar<0.01%
Israeli New Shekel<0.01%
Euro0.00%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in IHAK and SPAM, widest gap first
Holding	More in IHAKMore in SPAM	IHAK	SPAM
Netskope Class ANTSK	IHAK +4.25 points	6.86%	2.61%
Tenable Holdings IncTENB	IHAK +2.33 points	5.70%	3.37%
Booz Allen Hamilton Holding ClassBAH	SPAM +2.26 points	3.48%	5.74%
Alarm.com HoldingsALRM	IHAK +1.77 points	3.63%	1.86%
QualysQLYS	IHAK +1.59 points	6.38%	4.79%
Caci International Inc Class ACACI	SPAM +1.57 points	3.98%	5.55%
Netcompany Group	IHAK +1.48 points	2.59%	1.11%
Varonis SystemsVRNS	IHAK +1.31 points	4.67%	3.36%
ZscalerZS	SPAM +1.04 points	5.69%	6.73%
Akamai Technologies IncAKAM	SPAM +1.04 points	1.94%	2.98%
A10 NetworksATEN	IHAK +1.02 points	2.06%	1.04%
Check Point Software TechnologiesCHKP	SPAM +1.02 points	3.50%	4.52%
SailpointSAIL	IHAK +0.95 points	1.66%	0.71%
RadwareRDWR	IHAK +0.71 points	1.46%	0.75%
Crowdstrike Holdings Class ACRWD	SPAM +0.65 points	4.67%	5.32%
RAPID7RPD	IHAK +0.63 points	1.29%	0.66%
FortinetFTNT	SPAM +0.59 points	2.94%	3.53%
OnespanOSPN	IHAK +0.58 points	1.12%	0.54%
Palo Alto NetworksPANW	SPAM +0.43 points	4.21%	4.64%
Gb Group PLCGBG.L	IHAK +0.29 points	0.59%	0.30%
Okta Class AOKTA	SPAM +0.27 points	5.49%	5.76%
Trend Micro	SPAM +0.15 points	3.48%	3.63%
Gorilla Technology GroupGRRR	IHAK +0.11 points	0.23%	0.12%
Clear Secure Class AYOU	IHAK +0.11 points	2.64%	2.53%
Sentinelone Inc Class AS	IHAK +0.06 points	4.93%	4.87%

All 34 IHAK holdings⁠All 36 SPAM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IHAK vs SPAM Cost

Overpaying IHAK vs SPAM

$2,292

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

IHAK 0.47%
$9,418
SPAM 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

IHAK 0.47%
SPAM 0.35%
Overpaying

Year by year

Year	IHAK	SPAM	Overpaying
10	$847	$634	$213
20	$3,261	$2,454	$807
30	$9,418	$7,126	$2,292

Expense ratio

0.47%IHAK
0.35%SPAM, cheaper

SPAM0.35%IHAK0.47%

0.20%0.60%

Middle half of Cybersecurity funds
Median 0.46%

SPAM 2nd cheapest of 8 funds

IHAK 5th cheapest of 8 funds

IHAK vs SPAM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IHAK 0.06%; SPAM 0.32%, better
Payout (12M): IHAK $0.04; SPAM $0.15
Last payment: IHAK $0.0072; SPAM $0.15
Ex-dividend: IHAK Jun 15, 2026; SPAM Dec 18, 2025
Paid on: IHAK Jun 18, 2026; SPAM Dec 19, 2025
Frequency: IHAK Twice a year; SPAM Irregular

Distribution history

Per share, 2019 to 2026, same scale for both

IHAKTwice a year · 14 paymentsAll IHAK payments⁠

SPAMIrregular · 2 paymentsAll SPAM payments⁠

IHAK vs SPAM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IHAK 20.3%SPAM 22.7%since Jan 2024
Return per unit of riskSharpe ratio, 3 years: IHAK 1.02SPAM 0.81since Jan 2024
Worst fallMax drawdown, 5 years: IHAK −34.4%SPAM −24.0%since Dec 2023
Market sensitivityBeta, 5 years: IHAK 0.92SPAM 1.08; Market = 1

IHAK and SPAM in the news

All news⁠

ETF Filings
Roundhill files for an active cybersecurity ETF filing, and the fee is still blank
16 hours agoIHAK
Top Movers
Cybersecurity funds led the week, up as much as 12.7%, as gold miners fell
Oct 23, 2026IHAK
Top Movers
Cybersecurity ETFs rise 10.7% as chip funds fall 5.6% on AI slowdown call
Sep 14, 2026IHAK
Deep Dive
Chip funds rose 2.5% as software ETFs fell 4.5%
Sep 5, 2026IHAK

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IHAK vs SPAM

In short

Stated mandate

Why people hold it