{
 "ticker": "MUSQ",
 "name": "MUSQ Global Music Industry Index ETF",
 "issuer": "not established",
 "desk": "themes",
 "url": "https://etfiq.com/funds/MUSQ",
 "html": "https://etfiq.com/funds/MUSQ",
 "markdown": "https://etfiq.com/funds/MUSQ.md",
 "as_of": "2026-09-11",
 "verdict": "MUSQ holds 31 stocks, and 72% of its weight is outside the S&P 500.",
 "key_facts": [
  {
   "key": "already_in_the_s_p_500",
   "label": "Already in the S&P 500",
   "value": "27.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MUSQ, already in the S&P 500: 27.9%, as of Sep 11, 2026."
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "87.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MUSQ, active share vs the S&P 500: 87.9%, as of Sep 11, 2026."
  },
  {
   "key": "top_ten_holdings",
   "label": "Top ten holdings",
   "value": "69.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MUSQ, top ten holdings: 69.1%, as of Sep 11, 2026."
  },
  {
   "key": "total_return_1_year",
   "label": "Total return, 1 year",
   "value": "\u221215.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MUSQ, total return, 1 year: \u221215.2%, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$22m",
   "source": "SEC filing, whole fund, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "MUSQ, net assets: $22m (SEC filing, whole fund, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.75%",
   "source": "485BPOS XBRL, Aug 27, 2026",
   "as_of": "2026-09-11",
   "sentence": "MUSQ, expense ratio: 0.75% (485BPOS XBRL, Aug 27, 2026)."
  }
 ],
 "fields": [
  {
   "key": "theme",
   "label": "Theme",
   "value": "Streaming and live entertainment",
   "source": "ETFIQ, editorial"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jul 7, 2023",
   "source": null
  },
  {
   "key": "already_in_the_s_p_500_by_weight",
   "label": "Already in the S&P 500, by weight",
   "value": "27.9%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_s_p_500",
   "label": "Active share vs the S&P 500",
   "value": "87.9%",
   "source": "ETFIQ"
  },
  {
   "key": "already_in_the_nasdaq_100_by_weight",
   "label": "Already in the Nasdaq-100, by weight",
   "value": "16.6%",
   "source": "ETFIQ"
  },
  {
   "key": "active_share_vs_the_nasdaq_100",
   "label": "Active share vs the Nasdaq-100",
   "value": "86.7%",
   "source": "ETFIQ"
  },
  {
   "key": "top_ten_holdings_weight",
   "label": "Top ten holdings weight",
   "value": "69.1%",
   "source": null
  },
  {
   "key": "holdings",
   "label": "Holdings",
   "value": "31",
   "source": null
  },
  {
   "key": "holdings_as_of",
   "label": "Holdings as of",
   "value": "Apr 30, 2026",
   "source": "SEC N-PORT"
  },
  {
   "key": "top_holdings",
   "label": "Top holdings",
   "value": "LIVE NATION ENTERTAINMENT, INC. 11.3%, Universal Music Group N.V. 9.7%, SPOTIFY TECHNOLOGY S.A. 9.3%, TENCENT MUSIC ENTERTAINMENT GROUP 6.8%, ALPHABET INC. 5.9%, AMAZON.COM, INC. 5.5%, HYBE Co., Ltd. 5.2%, MADISON SQUARE GARDEN ENTERTAINMENT CORP. 5.2%, WARNER MUSIC GROUP CORP. 5.2%, APPLE INC. 5.2%",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$22m",
   "source": "SEC filing, whole fund, as filed for Apr 30, 2026"
  },
  {
   "key": "below_its_all_time_high",
   "label": "Below its all-time high",
   "value": "\u221215.8%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.75%",
   "source": "485BPOS XBRL, Aug 27, 2026"
  },
  {
   "key": "fee_for_the_part_that_differs_from_the_s_p_500_active_expense_ratio",
   "label": "Fee for the part that differs from the S&P 500, active expense ratio",
   "value": "0.85%",
   "source": "ETFIQ"
  },
  {
   "key": "closest_funds_by_holdings_overlap",
   "label": "Closest funds by holdings overlap",
   "value": "PNQI 20%, FDCF 17%, IVES 16%, XIGV 15%, USNZ 14%",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "3 months",
   "Total return": "\u22120.1%",
   "S&P 500": "+3.3%",
   "Gap to S&P 500": "\u22123.4 pts",
   "Gap to Nasdaq-100": "+0.7 pts"
  },
  {
   "window": "6 months",
   "Total return": "\u22121.3%",
   "S&P 500": "+16.0%",
   "Gap to S&P 500": "\u221217.3 pts",
   "Gap to Nasdaq-100": "\u221222.0 pts"
  },
  {
   "window": "1 year",
   "Total return": "\u221215.2%",
   "S&P 500": "+17.5%",
   "Gap to S&P 500": "\u221232.7 pts",
   "Gap to Nasdaq-100": "\u221238.2 pts"
  },
  {
   "window": "3 years",
   "Total return": "+7.8%",
   "S&P 500": "+77.9%",
   "Gap to S&P 500": "\u221270.1 pts",
   "Gap to Nasdaq-100": "\u221287.3 pts"
  },
  {
   "window": "Since launch",
   "Total return": "+4.4%",
   "S&P 500": "+80.9%",
   "Gap to S&P 500": "\u221276.5 pts",
   "Gap to Nasdaq-100": "\u221294.1 pts"
  }
 ],
 "questions": [
  {
   "q": "How much of MUSQ is in S&P 500 companies?",
   "a": "By its holdings filed for Apr 30, 2026, 28% of MUSQ by weight is stocks the S&P 500 already holds. Its active share against the index is 88%, so that share is the part doing something different."
  },
  {
   "q": "What does MUSQ hold?",
   "a": "31 positions as filed for Apr 30, 2026, with the top ten at 69% of the fund. The largest are LIVE NATION ENTERTAINMENT, INC. at 11.3%, Universal Music Group N.V. at 9.7%, SPOTIFY TECHNOLOGY S.A. at 9.3%."
  },
  {
   "q": "Has MUSQ beaten the S&P 500?",
   "a": "Over the year to Sep 11, 2026 MUSQ returned \u221215.2% with distributions reinvested, against +17.5% for the S&P 500, so it finished behind the index by 32.7 points."
  },
  {
   "q": "What does MUSQ cost?",
   "a": "The prospectus expense ratio is 0.75% a year. Because 88% of the fund differs from the S&P 500, the fee on that differing part works out at 0.85%."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}