At a glance
SPAM charges 0.35% a year, below the 0.45% average of the 8 funds most like it (the 2nd cheapest of 9). It has $5.0M in assets, the 8th largest of that group; it paid 0.3% of its price in distributions over the past 12 months, annual. Over the past year it returned +40.6% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds. Its ten largest positions make up 54.2% of the fund, out of 35 in all.
The short version
Themes Cybersecurity ETF (SPAM) is an index fund that gives exposure to the 35 developed-market companies in the Solactive Cyber Security Index, firms earning at least half their revenue from digital security software, such as Palo Alto Networks, Okta and CrowdStrike. Its 0.35% annual fee is below the 0.45% average of eight similar funds, though Xtrackers' PSWD charges 0.20%. It is also small, with about $5 million in assets as of June 30, 2026.
Price history
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SPAM +40.6% 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 | |
|---|---|---|---|---|---|---|
| SPAM official prospectus, to Dec 31, 2025 | — | +4.78% | — | — | — | +10.51% |
| SPAM price data to Oct 27, 2026 | +63.8% | +40.6% | — | — | — | +27.2% |
- Over the year to Oct 27, 2026, SPAM returned +40.6%, 5th of 9 among similar funds.
- Its worst full calendar year was 2025 (+4.9%); its best was 2024 (+10.6%).
- The deepest fall in its price history was 24% (Oct 9, 2025 to Feb 23, 2026), recovered by May 18, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +63.8% | — |
| 2025 | +4.9% | +4.78% |
| 2024 | +10.6% | +10.86% |
| 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 | $0.1500 | +275.0% |
| 2024 | $0.0400 |
What's inside
As of Jun 30, 2026, the fund held 35 securities; the ten largest made up 54.23% of assets.
| Holding | Weight | |
|---|---|---|
| Palo Alto Networks Inc | 6.43% | |
| Nebius Group NV | 6.38% | |
| Okta Inc | 6.34% | |
| Crowdstrike Holdings Inc | 6.05% | |
| Fortinet Inc | 6.00% | |
| Rubrik Inc | 5.48% | |
| BlackBerry Ltd | 5.48% | |
| F5 Inc | 4.45% | |
| SentinelOne Inc | 3.98% | |
| Zscaler Inc | 3.64% | |
| Qualys Inc | 3.63% | |
| NEXTDC Ltd | 3.59% | |
| Clear Secure Inc | 3.58% | |
| Varonis Systems Inc | 3.52% | |
| Trend Micro Inc/Japan | 3.43% |
By country
United States 74.17%Netherlands 6.38%Canada 5.85%Israel 3.74%Japan 3.61%By asset type
Stocks 99.75%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.53%, +27.83%, +5.62%.
How it works
SPAM is an index fund: it aims to match the Solactive Cyber Security Index, before fees, rather than beat it. Solactive AG, which is independent of the fund's adviser, Themes Management Company, starts from a broader Solactive index of developed-market digital-infrastructure stocks. A company qualifies only if at least 50% of its revenue comes from digital security software. Qualifiers are ranked by free-float market value (the value of shares available to the public), and the top 35 make the index.
Each stock starts with a weight set by its free-float value, but none may exceed 4.5%; any excess is spread across smaller holdings. The index is rebuilt quarterly, on the first Wednesday of February, May, August and November, with stocks and weights set 20 business days before. Between rebuilds, weights drift with prices. As of June 30, 2026, Palo Alto Networks (6.4%), Nebius Group (6.4%) and Okta (6.3%) sat above the 4.5% cap, and the top 10 made up 54% of assets.
The fund generally holds every index stock in about the same proportions and does not move to cash when markets fall. It is not leveraged, and it held no derivatives as of June 30, 2026, when 99.75% of assets were in stocks and 74% in US companies; the foreign holdings add currency risk.
What it really costs
- SPAM charges 0.35% a year, versus an average of 0.45% for the similar funds below (2nd of 9, 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 |
|---|---|---|---|---|
| SPAM | $36 | $113 | $197 | $443 |
In a retirement portfolio
It owns 35 stocks in a single industry, and its volatility, a gauge of how sharply returns swing, was 32.1% over the year to October 27, 2026.
SPAM could add focused exposure to cybersecurity software, but it launched December 8, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its worst calendar year, 2025, ended with a 4.78% gain, yet the last quarter of that year lost 12.09%. Its deepest drop was 24%, from October 9, 2025 to February 23, 2026; it regained that peak by May 18, 2026. A retiree who drew cash from the fund near that low would have locked in losses.
Income is minimal: the trailing yield (past-year income as a share of price) was 0.3% as of October 27, 2026, paid annually. In the SEC's standard example ($10,000 earning 5% a year), the 0.35% expense ratio (annual fee) costs $36 in year one and $443 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a modest, index-based slice of cybersecurity software makers such as Palo Alto Networks, Okta, CrowdStrike and Fortinet alongside broader core funds.
- Fee-aware investors comparing cybersecurity funds: at 0.35%, it costs less than larger rivals BUG (0.51%), CIBR (0.59%) and HACK (0.60%).
- Those wanting the theme without heavy single-stock bets: a 4.5% cap at each quarterly rebuild limits any one of its 35 stocks.
Look elsewhere if
- Investors who need income: the trailing yield was 0.3% as of October 27, 2026, and distributions come just once a year.
- Anyone uneasy with big swings: the fund fell 24% from October 2025 to February 2026, and one-year volatility was 32.1% through October 27, 2026.
- Those wanting a long record or a large fund: SPAM launched in December 2023 and held about $5 million as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPAM this fund | — | 0.35% | $5.0M | +40.6% | — |
| PSWD Xtrackers Cybersecurity Select Equity ETF | 78% | 0.2% | $5.3M | +36.2% | +29.8% |
| IHAK iShares Cybersecurity & Tech ETF | 67% | 0.47% | $1.02B | +47.0% | +28.7% |
| WCBR WisdomTree Cybersecurity Fund | 65% | 0.45% | $103.0M | +60.5% | +39.5% |
| BUG Global X Cybersecurity ETF | 63% | 0.51% | $1.73B | +46.9% | +32.4% |
| HACK Amplify Cybersecurity ETF | 60% | 0.6% | $2.59B | +50.8% | +39.0% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 44% | 0.59% | $13.84B | +25.8% | +29.6% |
| FITE SPDR S&P Kensho Future Security ETF | 25% | 0.45% | $150.6M | +27.8% | +36.9% |
Questions investors ask
What stocks are in the SPAM ETF?
SPAM holds the 35 companies in the Solactive Cyber Security Index, developed-market firms that earn at least half their revenue from digital security software. As of June 30, 2026, the largest were Palo Alto Networks (6.4%), Nebius Group (6.4%), Okta (6.3%), CrowdStrike (6.0%) and Fortinet (6.0%). The top 10 made up 54% of assets. About 74% was in US companies, with most of the rest in the Netherlands, Canada, Israel, Japan and Australia.
What is the SPAM ETF expense ratio?
SPAM's expense ratio, the annual fee taken from fund assets, is 0.35%, according to its prospectus filed January 27, 2026. That ranks 2nd lowest of 9 in its peer group, where the other funds average 0.45%. In the SEC's standard example, $10,000 earning 5% a year would cost $36 after one year, $113 after three, $197 after five and $443 after 10. Brokerage commissions and bid/ask spreads (the gap between the two prices quoted for a trade) are extra.
What's the difference between SPAM and PSWD?
The clearest difference is cost: Xtrackers Cybersecurity Select Equity ETF (PSWD) charges 0.20% a year, while SPAM charges 0.35%. They hold many of the same stocks, with about 78% overlap based on their latest SEC holdings reports. Both are small, with net assets of about $5.3 million for PSWD (August 31, 2026) and $5 million for SPAM (June 30, 2026). Over the year to October 27, 2026, SPAM returned 40.6% and PSWD 36.2%, based on price.
Does SPAM pay dividends?
Yes, but very little. SPAM paid $0.15 per share in the 12 months to October 27, 2026, a trailing yield of 0.3%, and it pays once a year. With a yield that low, nearly all of its return has come from changes in share price. Retirees who need regular cash flow would have to rely on other holdings for income or trim shares.
How has SPAM ETF performed?
Modestly at first, then strongly in 2026. According to its prospectus, SPAM returned 10.86% in 2024 and 4.78% in 2025, an average of 10.51% a year from its December 8, 2023 launch through December 31, 2025. A 24% drop from October 9, 2025 to February 23, 2026 was followed by a sharp rebound: through October 27, 2026, it gained 63.8% for 2026, based on price. Its strongest quarter (to June 30, 2025) gained 17.55%; its weakest (to December 31, 2025) lost 12.09%.