Verdicts genuinely change. Free email alert the moment SPAM's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Themes Cybersecurity ETF · Themes ETF Trust
36 holdings · as of 2026-06-30 (3.7 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT 15.66% of portfolio weight is in non-compliant holdings, over the 5% threshold.
36 holdings, 30 matched (85% of weight). Portfolio as of 2026-06-30, filed 2026-08-24. Source: SEC Form N-PORT.
2.93% of this portfolio’s income is non-permissible — weighted across holdings, computed over 82% of portfolio weight (26 of 36 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
69.6% compliant 0.0% questionable 15.7% non-compliant 14.7% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| PANW Palo Alto Networks Inc | COMPLIANT | 6.43% | AAOIFI0.3% Usmani1.6% Dow Jones Islamic0.5% S&P Shariah0.6% MSCI Islamic1.6% MSCI Islamic M-Series0.6% FTSE Shariah0.0% |
| Nebius Group NV | UNSCREENED | 6.38% | no in-house ratios for this holding |
| OKTA Okta Inc | COMPLIANT | 6.34% | AAOIFI0.2% Usmani0.6% Dow Jones Islamic0.3% S&P Shariah0.3% MSCI Islamic0.6% MSCI Islamic M-Series0.3% FTSE Shariah0.0% |
| CRWD Crowdstrike Holdings Inc | COMPLIANT | 6.05% | AAOIFI0.4% Usmani6.8% Dow Jones Islamic0.7% S&P Shariah0.8% MSCI Islamic6.8% MSCI Islamic M-Series0.8% FTSE Shariah6.2% |
| FTNT Fortinet Inc | COMPLIANT | 6.00% | AAOIFI0.4% Usmani4.6% Dow Jones Islamic0.7% S&P Shariah0.8% MSCI Islamic4.6% MSCI Islamic M-Series0.8% FTSE Shariah4.6% |
| RBRK Rubrik Inc | COMPLIANT | 5.48% | AAOIFI5.9% Usmani40.4% Dow Jones Islamic8.1% S&P Shariahpass MSCI Islamic40.4% MSCI Islamic M-Seriespass FTSE Shariah39.8% |
| BB BlackBerry Ltd | COMPLIANT | 5.48% | AAOIFI2.9% Usmani17.5% Dow Jones Islamic7.7% S&P Shariah8.9% MSCI Islamic17.5% MSCI Islamic M-Series8.9% FTSE Shariah15.6% |
| FFIV F5 Inc | COMPLIANT | 4.45% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| S SentinelOne Inc | COMPLIANT | 3.98% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| ZS Zscaler Inc | COMPLIANT | 3.64% | AAOIFI7.7% Usmani23.6% Dow Jones Islamic5.6% S&P Shariah5.9% MSCI Islamic23.6% MSCI Islamic M-Series5.9% FTSE Shariah21.6% |
| QLYS Qualys Inc | COMPLIANT | 3.63% | AAOIFI0.9% Usmani5.0% Dow Jones Islamic1.1% S&P Shariah1.0% MSCI Islamic5.0% MSCI Islamic M-Series1.0% FTSE Shariah0.0% |
| NXT.AX NEXTDC Ltd | NON_COMPLIANT | 3.59% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| YOU Clear Secure Inc | COMPLIANT | 3.58% | AAOIFI1.5% Usmani7.0% Dow Jones Islamic2.3% S&P Shariah2.8% MSCI Islamic7.0% MSCI Islamic M-Series2.8% FTSE Shariah0.0% |
| VRNS Varonis Systems Inc | NON_COMPLIANT | 3.52% | AAOIFI11.5% Usmani31.9% Dow Jones Islamic10.8% S&P Shariah10.9% MSCI Islamic31.9% MSCI Islamic M-Series10.9% FTSE Shariah27.3% |
| 4704.T Trend Micro Inc/Japan | NON_COMPLIANT | 3.43% | AAOIFIfail Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| AKAM Akamai Technologies Inc | NON_COMPLIANT | 3.40% | AAOIFI74.5% Usmani62.0% Dow Jones Islamic67.0% S&P Shariah64.0% MSCI Islamic62.0% MSCI Islamic M-Series64.0% FTSE Shariah50.2% |
| TENB Tenable Holdings Inc | COMPLIANT | 3.12% | AAOIFI1.8% Usmani4.2% Dow Jones Islamic1.8% S&P Shariah1.6% MSCI Islamic4.2% MSCI Islamic M-Series1.6% FTSE Shariah0.0% |
| Check Point Software Technolog | UNSCREENED | 2.92% | no in-house ratios for this holding |
| CACI International Inc | UNSCREENED | 2.58% | no in-house ratios for this holding |
| Booz Allen Hamilton Holding Co | UNSCREENED | 2.40% | no in-house ratios for this holding |
| ATEN A10 Networks Inc | COMPLIANT | 1.94% | AAOIFI12.7% Usmani33.4% Dow Jones Islamic15.5% S&P Shariah17.5% MSCI Islamic33.4% MSCI Islamic M-Series17.5% FTSE Shariah32.4% |
| FSLY Fastly Inc | COMPLIANT | 1.94% | AAOIFI11.6% Usmani26.5% Dow Jones Islamic21.9% S&P Shariah21.9% MSCI Islamic26.5% MSCI Islamic M-Series21.9% FTSE Shariah21.5% |
| ALRM Alarm.com Holdings Inc | COMPLIANT | 1.65% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| NTSK Netskope Inc | COMPLIANT | 1.62% | AAOIFI12.9% Usmani42.8% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic42.8% MSCI Islamic M-Seriespass FTSE Shariah40.8% |
| NETC.CO Netcompany Group A/S | COMPLIANT | 1.39% | AAOIFIpass Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ARLO Arlo Technologies Inc | COMPLIANT | 1.01% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| RDWR Radware Ltd | UNRATED | 0.82% | AAOIFI1.4% Usmani2.5% Dow Jones Islamic1.6% S&P Shariah1.8% MSCI Islamic2.5% MSCI Islamic M-Series1.8% FTSE Shariah0.0% |
| SAIL SailPoint Inc | COMPLIANT | 0.60% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| GBG.L GB Group PLC | NON_COMPLIANT | 0.45% | AAOIFIfail Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| OSPN OneSpan Inc | COMPLIANT | 0.40% | AAOIFI0.3% Usmani0.5% Dow Jones Islamic0.4% S&P Shariah0.4% MSCI Islamic0.5% MSCI Islamic M-Series0.4% FTSE Shariah0.0% |
| RPD Rapid7 Inc | NON_COMPLIANT | 0.39% | AAOIFI9.1% Usmani3.9% Dow Jones Islamic4.9% S&P Shariah3.6% MSCI Islamic3.9% MSCI Islamic M-Series3.6% FTSE Shariah0.0% |
| BTQ.NE BTQ Technologies Corp | NON_COMPLIANT | 0.38% | AAOIFI0.0% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| GRRR Gorilla Technology Group Inc | NON_COMPLIANT | 0.32% | AAOIFI1.3% Usmani2.6% Dow Jones Islamic1.3% S&P Shariah1.9% MSCI Islamic2.6% MSCI Islamic M-Series1.9% FTSE Shariah2.6% |
| SUNeVision Holdings Ltd | UNSCREENED | 0.25% | no in-house ratios for this holding |
| First American Treasury Obliga | UNSCREENED | 0.21% | no in-house ratios for this holding |
| 2326.T Digital Arts Inc | NON_COMPLIANT | 0.18% | AAOIFIfail Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
The published standards disagree about this fund by 41 points of portfolio weight — 58.3% of it passes Dow Jones Islamic, 16.9% passes MSCI Islamic. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 55.8% ratios fail on 8.4% 35.7% not rated under AAOIFI
ratios pass on 36.3% ratios fail on 22.3% 41.4% not rated under Usmani
ratios pass on 58.3% ratios fail on 5.8% 35.9% not rated under Dow Jones Islamic
ratios pass on 58.3% ratios fail on 5.4% 36.3% not rated under S&P Shariah
ratios pass on 16.9% ratios fail on 41.7% 41.4% not rated under MSCI Islamic
ratios pass on 58.3% ratios fail on 5.8% 35.9% not rated under MSCI Islamic M-Series
ratios pass on 36.3% ratios fail on 22.3% 41.4% not rated under FTSE Shariah
30 of 36 listed holdings carry our own per-methodology verdicts (85% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 21 (68% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| NXT.AX NEXTDC Ltd | 3.59% |
| VRNS Varonis Systems Inc | 3.52% |
| 4704.T Trend Micro Inc/Japan | 3.43% |
| AKAM Akamai Technologies Inc | 3.40% |
| GBG.L GB Group PLC | 0.45% |
| RPD Rapid7 Inc | 0.39% |
| BTQ.NE BTQ Technologies Corp | 0.38% |
| GRRR Gorilla Technology Group Inc | 0.32% |
| 2326.T Digital Arts Inc | 0.18% |
Methodology breakdown computing — it will appear here on its own.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
Themes Cybersecurity ETF (SPAM) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Computing the full ratio and business-activity breakdown for SPAM — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 42.70 | NEUTRAL |
| Stochastic %K (14) | 13.45 | BUY |
| CCI (20) | -153.86 | BUY |
| Williams %R (14) | -86.55 | BUY |
| MACD (12,26,9) | -0.53 | SELL |
| ROC (10) | -7.06 | SELL |
| Momentum (10) | -3.40 | SELL |
| EMA (10) | 46.56 | SELL |
| SMA (10) | 47.36 | SELL |
| EMA (20) | 46.71 | SELL |
| SMA (20) | 47.31 | SELL |
| EMA (30) | 46.39 | SELL |
| SMA (30) | 46.50 | SELL |
| EMA (50) | 45.49 | SELL |
| SMA (50) | 45.74 | SELL |
| EMA (100) | 43.06 | BUY |
| SMA (100) | 43.29 | BUY |
| EMA (200) | 38.71 | BUY |
| SMA (200) | 37.23 | BUY |
The index is designed to provide exposure to companies that have business operations in the cybersecurity industry. The fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities that comprise the index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) based on the securities in the index. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Weak — low conviction, small size or skip
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | BEARISH | 41 |
| ⏱ 15-Min | BEARISH | 24 |
| ⏲ 5-Min | RANGING | 74 |
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-13 · Asset managers net 915835 (+9220)
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.