PSWD vs SPAM: Grades, Fees and Holdings Compared

Xtrackers Cybersecurity Select Equity ETF

PSWDBNasdaq

Themes Cybersecurity ETF

SPAMBNasdaq

Overlap

86.0%by weight

Expense ratio

PSWD −0.15pt a year

PSWD0.20%SPAM0.35%

Avg volume · 30D

SPAM 1.05×the volume

PSWD2.13KSPAM2.24K

PSWD vs SPAM Performance

Oct 31, 2025 – Oct 30, 2026

+30.8%PSWD+34.7%SPAM

Expense ratio: PSWD 0.20%, better; SPAM 0.35%
Fund size: PSWD $6M; SPAM $7M
1Y total return: PSWD +30.8%; SPAM +34.7%, better
Yield (12M): PSWD 0.58%, better; SPAM 0.32%
Holdings: PSWD 50; SPAM 41
Avg volume (30D): PSWD 2.13K sh; SPAM 2.24K sh, better
NAV per share: PSWD $47.02; SPAM $46.87
52W range

ETF.net Grade

Pillar letters and Scores for PSWD, SPAM, with each pillar’s weight
Pillar	PSWD	SPAM
Cost30% weight	A94Higher	A79
Mission25% weight	A78	Not scored
Risk15% weight	C46	C50Higher
Tradability15% weight	F11	F16Higher
Holdings10% weight	B63	A70Higher
Durability5% weight	D27Higher	F16

Rank among Cybersecurity funds

How we build Categories ›

Same Category. PSWD 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 ›

PSWD ranks 2nd 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 3BXACorgi AI Cybersecurity ETFScore 58
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

PSWDBXtrackers Cybersecurity Select Equity ETF

SPAMBThemes Cybersecurity ETF

In short

PSWD Cybersecurity at a discount: PSWD charges 0.20% for a focused basket of about 50 security names, well under half the typical fee in its category. The trade-off is scale, not strategy: it's a small 2023 launch.

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

PSWD The fund seeks to track, before fees and expenses, the performance of the Solactive Cyber Security ESG Screened Index.

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

PSWD Fee leader in the theme: 0.20% a year, against 0.47% for IHAK, 0.58% for CIBR and 0.60% for HACK. The category median sits at 0.50%.
Pure-play and disciplined: roughly 50 cybersecurity companies drawn from a rules-based Solactive index, and the portfolio has tracked that benchmark closely.
Runs on Xtrackers plumbing, the ETF arm of DWS, rather than a one-fund boutique.dws.com

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

PSWD Small asset base and light trading volume. Spreads can run wider than at the category's household names, which matters most on larger orders.
The screen is not permanent: Xtrackers filed to drop the index's ESG screen and rename it the Solactive Cyber Security Focus Index.sec.gov
One theme, about 50 holdings, non-diversified by design. Expect sharper swings than a broad technology fund.

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 PSWD profile⁠

Full SPAM profile⁠

PSWD vs SPAM Holdings

How PSWD and SPAM differ

Overlap by weight

86.0%

Shared holdings make up 86.9% of PSWD and 86.7% of SPAM.

Level by level

Holdings29 in both86.0%
Countryby domicile96.2%
Sector5 Sectors99.2%
Asset classEquity100%

Sector

Sector weights in PSWD and SPAM, widest gap first
Sector	More in PSWDMore in SPAM	PSWD	SPAM
Industrials	SPAM +0.8 points	5.2%	6.0%
Technology	PSWD +0.5 points	91.0%	90.5%
Communication	PSWD +0.2 points	3.3%	3.0%
Real Estate	Same weight	0.2%	0.2%
Financials	Same weight	0.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in PSWD and SPAM, widest gap first
Country	More in PSWDMore in SPAM	PSWD	SPAM
United States	SPAM +3.8 points	80.9%	84.7%
China	PSWD +1.8 points	1.8%	0.0%
Germany	PSWD +0.7 points	0.7%	0.0%
Other countries (11)	PSWD +1.3 points	16.6%	15.3%

Concentration

Weight in the 10 largest Holdings

PSWD54.4%
SPAM53.9%

Securities held

PSWD49
SPAM41

Asset class

PSWD: Equity
SPAM: Equity

Holdings

Only in PSWD20
In both29
Only in SPAM12

Only in PSWD

20 securities, 12.8% of PSWD by weight

Check Point Software Technologies Ltd4.58%
BlackBerry Ltd2.90%
GDS Holdings Ltd - P1.50%
TeamViewer AG0.69%
Al Moammar Information Systems Co0.63%
Ncc Group0.35%
21VIANET Group Inc USD 0.00001 Adr0.33%
Ahnlab Inc0.33%
Digital Arts Inc0.22%
N-Able Inc0.20%
Telos Corporation0.18%
Global Security Experts Inc0.17%
Allot Ltd0.13%
Hennge Kk0.13%
Btq Technologies Corp Npv0.11%
Change Hldgs Inc0.11%
Arqit Quantum Inc Usd 0.00250.11%
Whitefiber Inc Usd 0.010.06%
My Eg Services0.05%
Sinergi Inti Andalan Prima Idr 10.00.05%

Only in SPAM

12 securities, 13.3% of SPAM by weight

Check Point Software Technologies Ltd4.52%
BlackBerry Ltd2.96%
Clear Secure Inc2.53%
Alarm.com Holdings Inc1.86%
Arlo Technologies Inc0.90%
GB Group PLC0.30%
First American Treasury Obligations Fund 01/01/20400.20%
Japanese Yen0.04%
Danish Krone<0.01%
Hong Kong Dollar<0.01%
Israeli New Shekel<0.01%
Euro0.00%

Weight gaps

All 29 Holdings in both funds, largest gap first.

Holding weights in PSWD and SPAM, widest gap first
Holding	More in PSWDMore in SPAM	PSWD	SPAM
Trend Micro Inc	SPAM +0.17 points	3.46%	3.63%
Radware (Usd)RDWR	SPAM +0.11 points	0.64%	0.75%
Zscaler IncZS	PSWD +0.10 points	6.83%	6.73%
OktaOKTA	PSWD +0.09 points	5.85%	5.76%
CACI International Inc-CL ACACI	PSWD +0.08 points	5.63%	5.55%
Rubrik, Inc. - A ClassRBRK	PSWD +0.08 points	6.06%	5.98%
Crowdstrike Holdings IncCRWD	PSWD +0.09 points	5.41%	5.32%
Sentinelone IncS	SPAM +0.08 points	4.79%	4.87%
Qualys IncQLYS	SPAM +0.08 points	4.71%	4.79%
Booz Allen HamiltonBAH	PSWD +0.07 points	5.81%	5.74%
Palo Alto NetworksPANW	PSWD +0.07 points	4.71%	4.64%
Tenable Holdings IncTENB	SPAM +0.05 points	3.32%	3.37%
Varonis Systems IncVRNS	SPAM +0.05 points	3.31%	3.36%
Fortinet IncFTNT	PSWD +0.05 points	3.58%	3.53%
F5 Networks IncFFIV	PSWD +0.05 points	3.33%	3.28%
Akamai Technologies IncAKAM	PSWD +0.04 points	3.02%	2.98%
Yandex N.V. Cl ANBIS	PSWD +0.04 points	2.94%	2.90%
Netspoke, Inc. USD 0.0001NTSK	SPAM +0.04 points	2.57%	2.61%
Coreweave Inc USD 0.0001CRWV	PSWD +0.03 points	2.51%	2.48%
Fastly Inc - Class AFSLY	SPAM +0.04 points	2.08%	2.12%
Nextdc	PSWD +0.03 points	1.80%	1.77%
Onespan IncOSPN	SPAM +0.02 points	0.52%	0.54%
A10 Networks IncATEN	SPAM +0.01 points	1.03%	1.04%
Netcompany Group As	SPAM +0.02 points	1.09%	1.11%
Sailpoint Inc Usd 0.0001SAIL	SPAM +0.01 points	0.70%	0.71%
Rapid7RPD	Same weight	0.66%	0.66%
Gorilla Technology Group Usd 0.001GRRR	SPAM +0.01 points	0.11%	0.12%
SUNeVision Holdings Ltd	Same weight	0.23%	0.23%
Bit Digital Inc Usd 0.01BTBT	Same weight	0.17%	0.17%

All 49 PSWD 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.

PSWD vs SPAM Cost

Overpaying SPAM vs PSWD

$2,971

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

PSWD 0.20%
$4,155
SPAM 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

PSWD 0.20%
SPAM 0.35%
Overpaying

Year by year

Year	PSWD	SPAM	Overpaying
10	$365	$634	$269
20	$1,421	$2,454	$1,033
30	$4,155	$7,126	$2,971

Expense ratio

0.20%PSWD, cheaper
0.35%SPAM

PSWD0.20%SPAM0.35%

0.20%0.60%

Middle half of Cybersecurity funds
Median 0.46%

PSWD cheapest of 8 funds

SPAM 2nd cheapest of 8 funds

PSWD vs SPAM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PSWD 0.58%, better; SPAM 0.32%
Payout (12M): PSWD $0.27; SPAM $0.15
Last payment: PSWD $0.04; SPAM $0.15
Ex-dividend: PSWD Sep 18, 2026; SPAM Dec 18, 2025
Paid on: PSWD Sep 25, 2026; SPAM Dec 19, 2025
Frequency: PSWD Irregular; SPAM Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

PSWDIrregular · 12 paymentsAll PSWD payments⁠

SPAMIrregular · 2 paymentsAll SPAM payments⁠

PSWD vs SPAM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PSWD 21.8%SPAM 22.7%since Jan 2024
Return per unit of riskSharpe ratio, 3 years: PSWD 0.96SPAM 0.81since Jan 2024
Worst fallMax drawdown, 5 years: PSWD −23.7%since Jul 2023SPAM −24.0%since Dec 2023
Market sensitivityBeta, 5 years: PSWD 1.06SPAM 1.08; Market = 1

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