Do PSWD and SPAM hold the same stocks?

By their latest filings, 76% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, PSWD or SPAM?

PSWD has 28% of its weight in S&P 500 names and SPAM has 26%, so SPAM differs more from the index.

Which is cheaper, PSWD or SPAM?

PSWD charges 0.20% a year and SPAM charges 0.35%, so PSWD is cheaper. Fees come from each fund's prospectus.

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PSWD vs SPAM: which is really different?

PSWD and SPAM hold 76% of their weight in the same names, and SPAM returned +35.1% over the year. Xtrackers Cybersecurity Select Equity ETF and Themes Cybersecurity ETF.

28.4%

PSWD in the S&P 500

26.4%

SPAM in the S&P 500

+30.2%

PSWD total return, 1 year

+35.1%

SPAM total return, 1 year

PSWD · 1 year to Sep 30, 202672% of its weight is outside the S&P 500

28% of PSWD's weight is in S&P 500 companies and 72% is outside the index

SPAM · 1 year to Sep 30, 202674% of its weight is outside the S&P 500

26% of SPAM's weight is in S&P 500 companies and 74% is outside the index

ETFIQ Off-Index Score · SPAM scores higherHow much of it is not the index it is sold as an alternative to?

PSWD 60.1

SPAM 64.5

0.1, the lowest in this set92.0, the highest

A percentile among the 375 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it → How it is computed →

What they hold in common

By the books each fund has filed, PSWD and SPAM hold 76% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 29, 2026.

50%

half

76% in common

Positions both hold, largest shared weight first

Holding PSWD SPAM

OKTA INC 6.13% 6.36%

CROWDSTRIKE HOLDINGS INC 6.24% 6.06%

FORTINET INC 5.77% 6.02%

PALO ALTO NETWORKS INC 5.69% 6.45%

RUBRIK INC 5.74% 5.50%

F5 INC 4.39% 4.46%

SENTINELONE INC 4.37% 3.99%

ZSCALER INC 3.85% 3.65%

QUALYS INC 4.29% 3.64%

NEXTDC LTD 4.81% 3.60%

VARONIS SYSTEMS INC 4.25% 3.53%

TREND MICRO INC 3.78% 3.43%

Only in PSWD

GDS HOLDINGS LTD 2.75%

DATADOG INC 1.69%

ZETRIX AI BHD 1.28%

VNET GROUP INC 1.28%

TEAMVIEWER SE 1.04%

NETSCOUT SYSTEMS INC 0.95%

DYNATRACE INC 0.94%

NEC CORP 0.75%

Only in SPAM

Nebius Group NV 6.40%

CACI International Inc 2.58%

Booz Allen Hamilton Holding Co 2.41%

Netskope Inc 1.62%

SailPoint Inc 0.60%

BTQ Technologies Corp 0.38%

Gorilla Technology Group Inc 0.32%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

76% of the two portfolios are the same securities at the same weight.

Performance, window by window

	Total return		vs the S&P 500		vs the Nasdaq-100
Window	PSWD	SPAM	PSWD	SPAM	PSWD	SPAM
3 months	+13.4%	+10.9%	+10.9 pts	+8.4 pts	+11.3 pts	+8.8 pts
6 months	+57.8%	+61.0%	+40.8 pts	+44.0 pts	+30.9 pts	+34.1 pts
1 year	+30.2%	+35.1%	+14.5 pts	+19.4 pts	+6.4 pts	+11.3 pts
3 years	+93.8%	not published	+8.9 pts	not published	−16.1 pts	not published
Since launch PSWD Jul 2023 · SPAM Dec 2023	+92.0%	+88.0%	+15.4 pts	+16.1 pts	−6.7 pts	−3.9 pts

PSWD and SPAM over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PSWD

Xtrackers Cybersecurity Select Equity ETF · Holds 52 stocks in cybersecurity, 28% of its weight in S&P 500 companies

SPAM

Themes Cybersecurity ETF · Holds 35 stocks in cybersecurity, 26% of its weight in S&P 500 companies

Issuer Xtrackers Themes

Theme Cybersecurity Cybersecurity

In the S&P 500 28.4% 26.4%

Active share vs the S&P 500 98.9% 99.1%

In the Nasdaq-100 23.2% 22.2%

Holdings 52 35

Top ten, share of the fund 52.0% 54.4%

Expense ratio 0.20% 0.35%

Fee for the differing part 0.20% 0.35%

Total return, 1 year +30.2% +35.1%

vs the S&P 500 +14.5 pts +19.4 pts

vs the Nasdaq-100 +6.4 pts +11.3 pts

Below its high −2.3% −1.9%

Net assets $6m $7m

PSWD and SPAM on the same fields, as of Sep 30, 2026. Source: ETFIQ.

PSWD in plain words

By weight, 28% of PSWD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 52% of the fund across 52 positions, as filed for May 29, 2026. Over the year to Sep 30, 2026 the fund returned +30.2% with distributions reinvested against +15.7% for the S&P 500, so a holder was ahead by 14.5 pts.

SPAM in plain words

By weight, 26% of SPAM's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 54% of the fund across 35 positions, as filed for Jun 30, 2026. Over the year to Sep 30, 2026 the fund returned +35.1% with distributions reinvested against +15.7% for the S&P 500, so a holder was ahead by 19.4 pts.

Questions people ask

Do PSWD and SPAM hold the same stocks?: By their latest filings, 76% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, PSWD or SPAM?: PSWD has 28% of its weight in S&P 500 names and SPAM has 26%, so SPAM differs more from the index.
Which is cheaper, PSWD or SPAM?: PSWD charges 0.20% a year and SPAM charges 0.35%, so PSWD is cheaper. Fees come from each fund's prospectus.

Other comparisons

PSWD vs BUG PSWD vs CIBR PSWD vs HACK PSWD vs WCBR SPAM vs BUG SPAM vs CIBR SPAM vs WCBR SPAM vs HACK

PSWD on its own →SPAM on its own →How every figure is computed →Standards and sources →

Where these figures came from

PSWD filings on SEC EDGAR ↗PSWD prospectus with the expense ratio (SEC) ↗Xtrackers website ↗SPAM filings on SEC EDGAR ↗SPAM prospectus with the expense ratio (SEC) ↗Themes page for SPAM ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PSWD against SPAM, data as of Sep 30, 2026. https://etfiq.com/compare/themes/pswd-vs-spam

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.