What this ETF is trying to do

The THEMES CYBERSECURITY ETF (SPAM) focuses on companies involved in cybersecurity. It holds a variety of businesses that help protect computers and networks from digital attacks.

What the numbers show

As of October 6, 2026, the share price of the ETF is $49.18.

The ETF has seen significant growth recently:

• Year-to-Date (YTD) Price Return: The share price has increased by approximately 60.48% so far this year.

• One-Year Price Return: Over the last year, the share price has increased by approximately 35.88%.

• One-Year Total Return: When including distributions, the total return for the last year was approximately 36.53%.

To put this in perspective, the estimated price from roughly one year ago was $36.19. If you had invested $10,000 based on that estimated price, the price-only increase would have grown that investment to approximately $13,588.

Income and distribution explanation

This ETF provides a small amount of cash income. Its distribution yield is approximately 0.31%. In the last 12 months, it has made only one payout. The distribution frequency is described as irregular or less frequent.

It is important for beginners to remember that a high distribution yield alone can be misleading. While distributions provide cash, they do not guarantee that the original money invested (the principal) will stay the same or grow.

NAV erosion explanation

"NAV erosion" happens when the actual value of the assets inside an ETF drops over time. StockValueFinder uses an erosion-risk score to measure this.

For this ETF, the erosion score is 100, and the label is "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Top Holdings

The ETF holds 46 different assets. Because the list is partial, we only see the Top Holdings. As of October 8, 2026, the largest holdings include:

• Okta Inc Class A: 6.16%

• Fortinet Inc: 5.97%

• CrowdStrike Holdings Inc Class A: 5.65%

• Nebius Group NV: 5.62%

• Palo Alto Networks Inc: 5.43%

Holdings can change over time as the fund manager adjusts the portfolio.

Pros

• Strong recent price growth both year-to-date and over the last year.

• No signs of NAV erosion according to the erosion-risk score.

Cons

• Very low distribution yield for those seeking significant income.

• Irregular payout schedule.

Beginner takeaway

This ETF is designed for investors interested in the cybersecurity industry. While it has shown strong price growth recently and has a healthy erosion-risk score, it does not provide much regular income.