At a glance
PSWD charges 0.2% a year, below the 0.47% average of the 8 funds most like it (the cheapest of 9). It has $8.9M in assets, the 7th largest of that group; it paid 0.53% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +36.2% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +29.8% a year. Its ten largest positions make up 51.5% of the fund, out of 52 in all.
The short version
Xtrackers Cybersecurity Select Equity ETF (PSWD), from Deutsche Bank AG, is an index fund that tracks the Solactive Cyber Security Focus Index: about 50 cybersecurity companies, mostly US-based, led by CrowdStrike, Okta and Fortinet. Its 0.20% expense ratio is the lowest of nine similar ETFs compared; the other eight average 0.47%. The trade-off is size: it held only about $8.9 million as of May 29, 2026, far less than most rivals.
Price history
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PSWD +36.2% 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 | |
|---|---|---|---|---|---|---|
| PSWD official prospectus, to Dec 31, 2025 | — | +1.71% | — | — | — | +13.12% |
| PSWD price data to Oct 27, 2026 | +52.9% | +36.2% | +29.8% | — | — | +23.8% |
- Over the year to Oct 27, 2026, PSWD returned +36.2%, 6th of 9 among similar funds.
- Its worst full calendar year was 2025 (+1.7%); its best was 2024 (+9.4%).
- The deepest fall in its price history was 23.7% (Sep 22, 2025 to Apr 10, 2026), recovered by May 22, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +52.9% | — |
| 2025 | +1.7% | +1.71% |
| 2024 | +9.4% | +10.12% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.0400 | |
| 2025 | $0.2900 | -40.8% |
| 2024 | $0.4900 |
What's inside
As of May 29, 2026, the fund held 52 securities; the ten largest made up 51.55% of assets.
| Holding | Weight | |
|---|---|---|
| CROWDSTRIKE HOLDINGS INC | 6.18% | |
| OKTA INC | 6.08% | |
| FORTINET INC | 5.71% | |
| RUBRIK INC | 5.69% | |
| PALO ALTO NETWORKS INC | 5.64% | |
| NEXTDC LTD | 4.77% | |
| AKAMAI TECHNOLOGIES INC | 4.56% | |
| F5 INC | 4.35% | |
| SENTINELONE INC | 4.33% | |
| QUALYS INC | 4.25% | |
| VARONIS SYSTEMS INC | 4.21% | |
| ZSCALER INC | 3.82% | |
| TREND MICRO INC | 3.75% | |
| TENABLE HOLDINGS INC | 3.52% | |
| CHECK POINT SOFTWARE TECHNOLOGIES LTD | 3.18% |
By country
United States 69.81%Japan 7.01%Australia 4.96%Cayman Islands 4.52%Israel 3.69%By asset type
Stocks 99.11%What changed recently
- Over the three months to May 29, 2026, investors withdrew a net $33K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.52%, +6.72%, +23.87%.
How it works
PSWD aims to match the Solactive Cyber Security Focus Index, before fees. Solactive, the index provider, starts with a broad global stock index and removes companies listed in China, Egypt, India, Pakistan or Russia, those under $100 million in free-float market value (counting only shares available to the public) and those averaging under $1 million in daily trading. It then keeps companies with cybersecurity businesses, such as network security software and equipment, government IT services and data center services, using FactSet's revenue-based classifications.
Solactive ranks the "pure play" companies (those centered on cybersecurity) by free-float market value and keeps the top 50, filling gaps from broader categories. Each is weighted by size, capped at 4.5%, and the index is rebuilt quarterly. Weights can drift between rebuilds: as of May 29, 2026, CrowdStrike (6.2%), Okta (6.1%) and Fortinet (5.7%) were above the cap, and the 10 largest positions held about 52% of assets.
The fund owns the index stocks in about the same weights (full replication), though it may use a representative sample if some shares are hard to get. Holdings such as Japan's Trend Micro and Australia's NEXTDC trade in foreign currencies, which the fund doesn't hedge, so exchange-rate swings affect returns. Portfolio turnover (how much of the portfolio was traded over a year) was 37%.
What it really costs
- PSWD charges 0.2% a year, versus an average of 0.47% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSWD | $20 | $64 | $113 | $255 |
In a retirement portfolio
It concentrates on about 50 stocks in a single industry, which makes it a candidate for a small slice of a portfolio rather than its foundation.
PSWD could add targeted cybersecurity exposure alongside broad stock and bond funds at low cost: 0.20% a year, or about $20 in the first year on $10,000 in the SEC's standard example. Its record is short. Launched July 13, 2023, it has no history through the 2008, 2020 or 2022 downturns. Its worst full calendar year was 2025, a 1.71% gain, per the prospectus. Its deepest drop was 23.7%, from September 22, 2025, to April 10, 2026; it regained its prior peak by May 22, 2026, about 1.4 months after the low. Anyone forced to cash out near that low would have locked in a steep loss.
Income is minimal: the yield was 0.53% as of October 27, 2026, with payouts twice a year. Past results don't predict future ones, and a retirement plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors wanting cybersecurity exposure: its 0.20% expense ratio undercuts eight similar funds charging 0.35% to 0.60%.
- Investors who would hold it as a small slice and can tolerate drops like its 23.7% fall between September 2025 and April 2026.
- Those wanting global reach within the theme: about 70% US, plus names like Japan's Trend Micro and Israel's Check Point (May 29, 2026).
Look elsewhere if
- Income seekers: the trailing yield was just 0.53% as of October 27, 2026, paid twice a year.
- Investors who prefer large funds: PSWD held about $8.9 million (May 29, 2026), versus $13.8 billion for First Trust's CIBR (June 30, 2026).
- Anyone wanting a long track record: launched in July 2023, it has no history through the 2008, 2020 or 2022 market declines.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PSWD this fund | — | 0.2% | $8.9M | +36.2% | +29.8% |
| SPAM Themes Cybersecurity ETF | 76% | 0.35% | $5.0M | +40.6% | — |
| WCBR WisdomTree Cybersecurity Fund | 66% | 0.45% | $103.0M | +60.5% | +39.5% |
| BUG Global X Cybersecurity ETF | 63% | 0.51% | $1.73B | +46.9% | +32.4% |
| IHAK iShares Cybersecurity & Tech ETF | 60% | 0.47% | $1.02B | +47.0% | +28.7% |
| HACK Amplify Cybersecurity ETF | 59% | 0.6% | $2.59B | +50.8% | +39.0% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 45% | 0.59% | $13.84B | +25.8% | +29.6% |
| FITE SPDR S&P Kensho Future Security ETF | 26% | 0.45% | $150.6M | +27.8% | +36.9% |
Questions investors ask
What stocks are in the PSWD ETF?
PSWD holds about 50 cybersecurity companies chosen by the Solactive Cyber Security Focus Index. As of May 29, 2026, the largest were CrowdStrike (6.2%), Okta (6.1%), Fortinet (5.7%), Rubrik (5.7%) and Palo Alto Networks (5.6%). The 10 biggest positions made up about 52% of assets. Roughly 70% was in US companies, with the rest in places such as Japan, Australia, Israel and Canada, including Trend Micro, NEXTDC and Check Point.
Is PSWD cheaper than CIBR and HACK?
Yes. PSWD's expense ratio is 0.20%, per its prospectus filed September 25, 2026, versus 0.59% for First Trust NASDAQ Cybersecurity ETF (CIBR) and 0.60% for Amplify Cybersecurity ETF (HACK). Eight similar funds averaged 0.47%. In the SEC's standard example, $10,000 growing 5% a year would cost about $20 in PSWD over one year and $255 in total over ten. Lower cost hasn't brought higher returns, though: over three years to late October 2026, CIBR returned 32.7% a year and HACK 39%, versus PSWD's 29.8%.
What's the difference between PSWD and SPAM?
Themes Cybersecurity ETF (SPAM) is the closest match by holdings: about 76% of their portfolios overlap, based on the latest holdings reports each fund files with the SEC. PSWD costs less, 0.20% a year versus 0.35%. SPAM did better over one year, returning 40.6% versus PSWD's 36.2% as of October 27, 2026. Both are tiny: SPAM held about $5.0 million as of June 30, 2026, and PSWD about $8.9 million as of May 29, 2026.
How has PSWD performed since launch?
Returns have been uneven. Per its prospectus, PSWD gained 10.12% in 2024 and 1.71% in 2025, averaging 13.12% a year from its July 13, 2023 launch through December 31, 2025. Its share price then jumped 52.9% in 2026 through October 27, and rose 36.2% over the one year to that date. Even so, that one-year gain ranked 6th of 9 in a group of similar funds, and the price fell 23.7% between September 2025 and April 2026.
Does PSWD pay a dividend?
Yes, but the payouts are small. PSWD makes distributions twice a year. Over the 12 months through October 27, 2026, it paid about $0.27 per share, a yield of 0.53%. By comparison, its share price rose 52.9% in 2026 through that date, so almost all of its 2026 return came from price gains rather than income. It may suit investors focused on growth more than those who need regular cash from their holdings.