SPAM vs XA: Grades, Fees and Holdings Compared

Themes Cybersecurity ETF

SPAMBNasdaq

Corgi AI Cybersecurity ETF

XABCboe

Overlap

58.8%by weight

Expense ratio

SPAM0.35%XA0.35%

Avg volume · 30D

XA 2.5×the volume

SPAM2.24KXA5.65K

SPAM vs XA Performance

Jul 31, 2026 – Oct 30, 2026

+14.4%SPAM+21.2%XA

Expense ratio: SPAM 0.35%; XA 0.35%
Fund size: SPAM $7M; XA $8M
1Y total return: SPAM +34.7%; XA No data
Yield (12M): SPAM 0.32%; XA No data
Holdings: SPAM 41; XA 27
Avg volume (30D): SPAM 2.24K sh; XA 5.65K sh, better
NAV per share: SPAM $46.87; XA $44.44
52W range

ETF.net Grade

Pillar letters and Scores for SPAM, XA, with each pillar’s weight
Pillar	SPAM	XA
Cost30% weight	A79	A79
Mission25% weight	Not scored	Not scored
Risk15% weight	C50	A77Higher
Tradability15% weight	F16	D29Higher
Holdings10% weight	A70Higher	D39
Durability5% weight	F16Higher	F14

Rank among Cybersecurity funds

How we build Categories ›

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

Cybersecurity⁠

Category · 8 funds

See all 8 ›

XA ranks 3rd 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

SPAMBThemes Cybersecurity ETF

XABCorgi AI Cybersecurity ETF

In short

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.

XA No data

Stated mandate

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

XA No data

Why people hold it

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.

XA No data

Worth knowing

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.

XA No data

Full SPAM profile⁠

Full XA profile⁠

SPAM vs XA Holdings

How SPAM and XA differ

Overlap by weight

58.8%

Shared holdings make up 78.4% of XA and 71.0% of SPAM.

Level by level

Holdings20 in both58.8%
Countryby domicile89.5%
Sector5 Sectors90.5%
Asset classEquity100%

Sector

Sector weights in SPAM and XA, widest gap first
Sector	More in SPAMMore in XA	SPAM	XA
Technology	XA +9.5 points	90.5%	100.0%
Industrials	SPAM +6.0 points	6.0%	0.0%
Communication	SPAM +3.1 points	3.0%	0.0%
Real Estate	SPAM +0.2 points	0.2%	0.0%
Financials	SPAM +0.2 points	0.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in SPAM and XA, widest gap first
Country	More in SPAMMore in XA	SPAM	XA
United States	XA +9.9 points	84.7%	94.6%
Japan	SPAM +3.5 points	3.5%	0.0%
Canada	SPAM +3.1 points	3.1%	0.0%
Australia	SPAM +1.8 points	1.8%	0.0%
Denmark	SPAM +1.1 points	1.1%	0.0%
Israel	SPAM +0.6 points	5.2%	4.6%
United Kingdom	XA +0.6 points	0.3%	0.9%
Other countries (2)	SPAM +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

SPAM53.9%
XA60.0%

Securities held

SPAM41
XA27

Asset class

SPAM: Equity
XA: Equity

Holdings

Only in SPAM21
In both20
Only in XA7

Only in SPAM

21 securities, 29.1% of SPAM by weight

Booz Allen Hamilton Holding Corp5.74%
Trend Micro Inc/Japan3.63%
BlackBerry Ltd2.96%
Nebius Group NV2.90%
Clear Secure Inc2.53%
CoreWeave Inc2.48%
Fastly Inc2.12%
Alarm.com Holdings Inc1.86%
NEXTDC Ltd1.77%
Netcompany Group A/S1.11%
Arlo Technologies Inc0.90%
GB Group PLC0.30%
SUNeVision Holdings Ltd0.23%
First American Treasury Obligations Fund 01/01/20400.20%
Bit Digital Inc0.17%
Gorilla Technology Group Inc0.12%
Japanese Yen0.04%
Danish Krone<0.01%
Hong Kong Dollar<0.01%
Israeli New Shekel<0.01%
Euro0.00%

Only in XA

7 securities, 21.6% of XA by weight

First American Government Obligations Fund 12/01/20314.77%
Elastic NV4.12%
Cloudflare Inc3.79%
Gen Digital Inc3.72%
Datadog Inc3.43%
Telos Corp1.01%
Arqit Quantum Inc0.76%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in SPAM and XA, widest gap first
Holding	More in SPAMMore in XA	SPAM	XA
Palo Alto Networks IncPANW	XA +6.49 points	4.64%	11.13%
Crowdstrike Holdings IncCRWD	XA +5.44 points	5.32%	10.76%
SentinelOne IncS	SPAM +3.81 points	4.87%	1.06%
Zscaler IncZS	SPAM +2.02 points	6.73%	4.71%
CACI International IncCACI	SPAM +1.90 points	5.55%	3.65%
Rapid7 IncRPD	XA +1.72 points	0.66%	2.38%
Check Point Software Technologies LtdCHKP	SPAM +1.64 points	4.52%	2.88%
OneSpan IncOSPN	XA +1.55 points	0.54%	2.09%
SailPoint IncSAIL	XA +1.38 points	0.71%	2.09%
Netskope IncNTSK	SPAM +1.06 points	2.61%	1.55%
Fortinet IncFTNT	XA +0.88 points	3.53%	4.41%
Radware LtdRDWR	XA +0.78 points	0.75%	1.53%
Okta IncOKTA	XA +0.73 points	5.76%	6.49%
Rubrik IncRBRK	SPAM +0.73 points	5.98%	5.25%
Tenable Holdings IncTENB	XA +0.40 points	3.37%	3.77%
Akamai Technologies IncAKAM	SPAM +0.35 points	2.98%	2.63%
Qualys IncQLYS	SPAM +0.25 points	4.79%	4.54%
F5 IncFFIV	SPAM +0.23 points	3.28%	3.05%
A10 Networks IncATEN	XA +0.22 points	1.04%	1.26%
Varonis Systems IncVRNS	SPAM +0.17 points	3.36%	3.19%

All 36 SPAM holdings⁠All 30 XA 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.

SPAM vs XA Cost

Same expense ratio

$7,126

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

SPAM 0.35%
$7,126
XA 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

SPAM 0.35%
XA 0.35%

Year by year

Year	SPAM	XA
10	$634	$634
20	$2,454	$2,454
30	$7,126	$7,126

Expense ratio

0.35%SPAM
0.35%XA

SPAM0.35%XA0.35%

0.20%0.60%

Middle half of Cybersecurity funds
Median 0.46%

SPAM 2nd cheapest of 8 funds

XA 2nd cheapest of 8 funds

SPAM vs XA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPAM 0.32%; XA No data
Payout (12M): SPAM $0.15; XA None
Last payment: SPAM $0.15; XA No data
Ex-dividend: SPAM Dec 18, 2025; XA No data
Paid on: SPAM Dec 19, 2025; XA No data
Frequency: SPAM Irregular; XA No data

Distribution history

Per share, 2024 to 2026, same scale for both

SPAMIrregular · 2 paymentsAll SPAM payments⁠

XAAll XA payments⁠

No distribution history available.

SPAM vs XA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPAM 22.7%since Jan 2024XA No data
Return per unit of riskSharpe ratio, 3 years: SPAM 0.81since Jan 2024XA No data
Worst fallMax drawdown, 5 years: SPAM −24.0%since Dec 2023XA No data
Market sensitivityBeta, 5 years: SPAM 1.08XA 2.73; Market = 1

SPAM and XA in the news

All news⁠

ETF Filings
Roundhill files for an active cybersecurity ETF filing, and the fee is still blank
15 hours agoXA

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SPAM vs XA

In short

Stated mandate

Why people hold it

Worth knowing

How SPAM and XA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPAM

Only in XA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Roundhill files for an active cybersecurity ETF filing, and the fee is still blank

How SPAM and XA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPAM

Only in XA

Weight gaps