At a glance
GSIB charges 0.35% a year, above the 0.27% average of the 7 funds most like it (the 4th cheapest of 8). It has $27.4M in assets, the 8th largest of that group; it paid 1.67% of its price in distributions over the past 12 months, annual. Over the past year it returned +27.3% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds. Its ten largest positions make up 36.2% of the fund, out of 28 in all.
The short version
Themes Global Systemically Important Banks ETF (GSIB) is an actively managed fund that buys roughly equal stakes in the publicly traded Global Systemically Important Banks. These are the lenders global regulators judge so important that their failure could trigger a wider financial crisis. It is a global bet: US banks were about 28% of assets as of June 30, 2026, and China about 18%. Its 0.35% fee is above the 0.27% average for similar funds.
Price history
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GSIB +27.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GSIB official prospectus, to Dec 31, 2025 | — | +61.26% | — | — | — | +46.11% |
| GSIB price data to Oct 27, 2026 | +13.8% | +27.3% | — | — | — | +37.7% |
- Over the year to Oct 27, 2026, GSIB returned +27.3%, 1st of 8 among similar funds.
- Its worst full calendar year was 2024 (+32.8%); its best was 2025 (+61.6%).
- The deepest fall in its price history was 17.7% (Mar 25, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.8% | — |
| 2025 | +61.6% | +61.26% |
| 2024 | +32.8% | +33.06% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.0000 | +81.8% |
| 2024 | $0.5500 |
What's inside
As of Jun 30, 2026, the fund held 28 securities; the ten largest made up 36.24% of assets.
| Holding | Weight | |
|---|---|---|
| Banco Santander SA | 3.70% | |
| Royal Bank of Canada | 3.65% | |
| ING Groep NV | 3.64% | |
| Toronto-Dominion Bank | 3.63% | |
| Standard Chartered PLC | 3.62% | |
| BNP Paribas SA | 3.61% | |
| State Street Corp | 3.60% | |
| Bank of China Ltd | 3.60% | |
| HSBC Holdings PLC | 3.60% | |
| Sumitomo Mitsui Financial Grou | 3.59% | |
| Mizuho Financial Group Inc | 3.59% | |
| Societe Generale SA | 3.59% | |
| Bank of New York Mellon Corp/T | 3.59% | |
| Credit Agricole SA | 3.58% | |
| Mitsubishi UFJ Financial Group | 3.58% |
By country
United States 27.97%China 17.67%France 10.78%United Kingdom 10.76%Japan 10.76%By asset type
Stocks 99.66%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $4.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.76%, +2.92%, +4.07%.
How it works
GSIB does not track an index. Themes Management Company, LLC manages it actively, but it follows a rule. It owns the banks on the Financial Stability Board's yearly list of Global Systemically Important Banks (G-SIBs), chosen solely for that label. The Basel Committee on Banking Supervision, the main global standard setter for bank rules, picks the G-SIBs using five measures: size, links to other financial firms, how hard a bank's services would be to replace, cross-border activity and complexity. The prospectus filed January 27, 2026 counts 29 publicly traded G-SIBs.
The adviser puts roughly equal amounts in each bank. It expects to rebalance back to equal weights each quarter and to update the lineup once a year. Equal weighting means a smaller G-SIB gets as much money as the giants. Rebalancing trims banks that have risen and adds to laggards. As of June 30, 2026, the fund held 28 stocks, each about 3.6% of assets, led by Banco Santander, Royal Bank of Canada and ING Groep. It held no derivatives. Turnover, the share of the portfolio traded in a year, was 11%.
It can own foreign bank shares directly or through American and Global Depositary Receipts, which are certificates that stand for foreign shares. Either way, currency swings against the dollar affect returns. It is non-diversified, meaning it may put more in fewer companies.
What it really costs
- GSIB charges 0.35% a year, versus an average of 0.27% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSIB | $36 | $113 | $197 | $443 |
In a retirement portfolio
It is a small, concentrated bet on one industry, the world's biggest banks, with a record that only goes back to December 2023.
GSIB could add global bank exposure to a portfolio, but its record is short. It launched on December 15, 2023, so it has no history in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its worst calendar year, 2024, was still a gain of about 33%. Its deepest drop was 17.7%, from March 25 to April 8, 2025, and it had recovered by May 12, 2025. Neither figure shows how global banks might fare in a full banking crisis, a risk the prospectus flags. Steep losses then would hurt most for someone selling shares to cover spending.
Income is modest. The trailing 12-month yield was 1.67% as of October 27, 2026, paid once a year. The 0.35% expense ratio is above the 0.27% average for similar funds. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking global bank exposure. As of June 30, 2026, US banks were about 28%, with large stakes in China, France, the UK and Japan.
- Those wanting a simple rule: equal stakes in each G-SIB, reset quarterly. Each bank was near 3.6% of assets on June 30, 2026.
- Investors with room for a small, higher-risk bank position who can sit through drops like the 17.7% fall of March–April 2025.
Look elsewhere if
- Cost-focused investors: financials funds such as XLF (0.08%), FNCL (0.084%) and VFH (0.09%) charge far less than GSIB's 0.35%.
- Income seekers: the trailing 12-month yield was 1.67% as of October 27, 2026, paid in a single annual distribution.
- Anyone wary of tiny funds or short records: net assets were $27.4 million on June 30, 2026, and the fund launched in December 2023.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSIB this fund | — | 0.35% | $27.4M | +27.3% | — |
| KBWB Invesco KBW Bank ETF | 28% | 0.35% | $6.77B | +17.4% | +37.5% |
| IYF iShares U.S. Financials ETF | 23% | 0.39% | $4.43B | +6.7% | +24.4% |
| IYG iShares U.S. Financial Services ETF | 23% | 0.39% | $2.17B | +6.1% | +26.1% |
| XLF Financial Select Sector SPDR Fund | 22% | 0.08% | $51.35B | +9.9% | +22.7% |
| PWV Invesco Large Cap Value ETF | 22% | 0.53% | $1.73B | +23.4% | +24.3% |
| FNCL Fidelity MSCI Financials Index ETF | 20% | 0.084% | $2.38B | +6.5% | +23.6% |
| VFH Vanguard Financials ETF | 20% | 0.09% | $14.77B | +10.0% | +23.4% |
Questions investors ask
What banks are in the GSIB ETF?
GSIB holds the publicly traded banks on the Financial Stability Board's yearly list of Global Systemically Important Banks, in roughly equal amounts. As of June 30, 2026, it owned 28 stocks, each about 3.6% of assets. The largest were Banco Santander, Royal Bank of Canada, ING Groep, Toronto-Dominion Bank and Standard Chartered. US holdings included State Street and Bank of New York Mellon. By country, the US made up 27.97% and China 17.67%, which adds emerging-market risk.
Does GSIB pay dividends?
Yes, but only once a year. GSIB passes along dividends from the banks it owns in one annual payment. Its trailing 12-month yield, which compares the past year's payouts with the share price, was 1.67% as of October 27, 2026. That works out to about $1 per share. The income is modest and arrives in a single payment, so the fund may not suit investors who rely on steady monthly or quarterly cash.
What's the difference between GSIB and KBWB?
Both charge 0.35% a year, but they differ in size and makeup. GSIB is actively managed and holds equal stakes in global G-SIBs, with US banks about 28% of assets as of June 30, 2026. Invesco KBW Bank ETF (KBWB) is far larger: $6.8 billion in net assets as of August 31, 2026, versus GSIB's $27.4 million as of June 30, 2026. Their latest holdings reports overlapped by 28%. In the year to October 27, 2026, GSIB returned 27.3% and KBWB 17.4%.
How has GSIB performed since it launched?
It has posted large gains in its short life, though past results don't predict the future. The prospectus reports a 33.06% return in 2024 and 61.26% in 2025. It also reports an average annual return of 46.11% from the fund's December 15, 2023 launch through December 31, 2025. Based on price, GSIB gained 27.3% in the year to October 27, 2026, but fell 6% in the final month of that stretch. Its deepest drop was 17.7%, from March 25 to April 8, 2025.
What is GSIB's expense ratio?
GSIB's expense ratio is 0.35% a year, all of it management fee, according to the prospectus filed January 27, 2026. That is above the 0.27% average for similar funds. It matches KBWB and is far above financials funds such as XLF at 0.08% and VFH at 0.09%. In the SEC's standard example, $10,000 earning 5% a year costs $36 over one year, $197 over five and $443 over ten, assuming the shares are sold at the end.