Fund · Global X Cybersecurity ETF · measured from SEC filings
BUG holdings
BUG reports 31 holdings and behaves like 19.8 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-05-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.
Measured concentration
as of 2026-05-31Read this figure with the following in mind
1.2% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 19.7
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 100% at a quoted market price (level 1), 4 issuer countries.
What stands out
as of 2026-05-31BUG's largest investment is Okta Inc at 7.46% of net assets. Crowdstrike Holdings Inc - A and Fortinet Inc follow; the three together are 22.06%. Ten companies are 59.72% of the fund; the other 21 share the rest. Among the 721 equity funds measured here, BUG behaves like 19.8 holdings against a median of 42.4 — 2.1 times more concentrated than the median. Across 27 quarterly filings BUG has held roughly steady since 2019-11-30 (22.1 then, 19.8 now). Between the 2026-02-28 and 2026-05-31 filings 3 positions were added and 1 dropped; 17.0% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable equity funds on this site. Nothing here is a view on the fund.
Every filing since 2019
27Between 2019-11-30 and 2026-05-31, BUG went from behaving like 22.1 equally weighted positions to 19.8 — 10% fewer, while its top ten went from 55.17% to 59.72% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-05-31 | 31 | 19.8 | 59.72% | 7.46% |
| 2026-02-28 | 29 | 18.6 | 61.67% | 10.71% |
| 2025-11-30 | 30 | 21.7 | 54.54% | 6.32% |
| 2025-08-31 | 24 | 20.9 | 55.61% | 7% |
| 2025-05-31 | 25 | 20.7 | 55.56% | 6.84% |
| 2025-02-28 | 22 | 19.4 | 59.53% | 7.39% |
| 2024-11-30 | 21 | 20.1 | 56.04% | 6.58% |
| 2024-08-31 | 23 | 20.3 | 58.07% | 7.18% |
Earlier filings (19 more, back to 2019-11-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-05-31 | 25 | 21 | 55.76% | 6.32% |
| 2024-02-29 | 25 | 20.9 | 56.45% | 7.71% |
| 2023-11-30 | 24 | 20.7 | 55.9% | 6.73% |
| 2023-08-31 | 23 | 19.2 | 59.26% | 8.86% |
| 2023-05-31 | 23 | 19.8 | 57.74% | 7.93% |
| 2023-02-28 | 24 | 20.4 | 58.54% | 6.96% |
| 2022-11-30 | 23 | 20.6 | 55.79% | 6.67% |
| 2022-08-31 | 28 | 19.9 | 58.32% | 9.17% |
| 2022-05-31 | 29 | 21.3 | 54.36% | 6.64% |
| 2022-02-28 | 32 | 20.5 | 57.75% | 8.24% |
| 2021-11-30 | 35 | 21.7 | 55.62% | 7.09% |
| 2021-08-31 | 33 | 21.3 | 57.47% | 7.67% |
| 2021-05-31 | 32 | 22 | 54.85% | 6.6% |
| 2021-02-28 | 27 | 19.7 | 60.4% | 7.95% |
| 2020-11-30 | 28 | 21 | 56.28% | 7.08% |
| 2020-08-31 | 28 | 20.3 | 57.75% | 9.46% |
| 2020-05-31 | 28 | 21 | 56.59% | 7.62% |
| 2020-02-29 | 29 | 20.6 | 57.9% | 8.02% |
| 2019-11-30 | 31 | 22.1 | 55.17% | 7.05% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
Compared with, in the essays
1Overlap with other funds
1Measured against every other fund on this site, from the same filings. Combined effective holdings is how the pair behaves held in equal size.
| With | Overlap | Shared | Combined effective |
|---|---|---|---|
| BUG vs CIBR | 33.85% | 13 | 27.8 |
As filed, collateral included
1.17% collateralBUG's filing lists 32 positions including 1.17% of net assets in securities-lending cash collateral. Counted as filed the fund reads 19.7 effective holdings with a top ten of 59.73%; on its own investments — the figure above — it reads 19.8 with a top ten of 59.72%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-05-31The 15 largest of 31 positions in BUG's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: BUG.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | OKTA, INC. | 7.46% | 7.5% |
| 2 | CROWDSTRIKE HOLDINGS, INC. | 7.31% | 14.8% |
| 3 | FORTINET, INC. | 7.29% | 22.1% |
| 4 | PALO ALTO NETWORKS, INC. | 7.00% | 29.1% |
| 5 | AKAMAI TECHNOLOGIES, INC. | 6.47% | 35.5% |
| 6 | SAILPOINT, INC. | 5.51% | 41.0% |
| 7 | RUBRIK, INC. | 4.94% | 46.0% |
| 8 | ZSCALER, INC. | 4.76% | 50.7% |
| 9 | TENABLE HOLDINGS, INC. | 4.52% | 55.3% |
| 10 | GEN DIGITAL INC. | 4.47% | 59.7% |
| 11 | VARONIS SYSTEMS, INC. | 4.34% | 64.1% |
| 12 | Qualys Inc | 4.20% | 68.3% |
| 13 | Netskope Inc | 4.07% | 72.3% |
| 14 | COMMVAULT SYSTEMS, INC. | 4.01% | 76.4% |
| 15 | CHECK POINT SOFTWARE TECHNOLOGIES LTD. | 4.01% | 80.4% |
By country of issuer
as of 2026-05-31Share of BUG's own investments by the issuer country the filer reported (incorporation, not revenue). Each country links to every fund that holds it.
| Country | Share |
|---|---|
| United States | 93.30% |
| Japan | 5.14% |
| United Kingdom | 0.85% |
| South Korea | 0.71% |
Returns the fund reported
2019-09 – 2026-05Monthly total returns from Item B.5 of BUG's own filings, 81 months on record. Not computed here and not from a price feed.
No compounded figure is shown. This site's two readings of BUG's monthly returns — the filed figures and a series computed from prices — differ by a median of 3.13 percentage points over 78 months, more than distributions explain. Which is wrong cannot be told from the filings; the others in the same position are listed here.
Who borrows BUG's shares
2026-05-31The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-05-31, $21m was out to 11 borrowers, 1.81% of net assets. The largest, MORGAN STANLEY & CO LLC, held 29.1% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| MORGAN STANLEY & CO LLC | $6m | 29.1% |
| PERSHING, LLC | $4m | 17.2% |
| UBS AG | $3m | 12.4% |
| BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED | $2m | 8.5% |
| BANK OF NEW YORK MELLON | $2m | 7.5% |
Cash collateral reported against the loan: 1.17% of net assets, 64.5% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter BUG has filed, with each borrower: BUG.json · all funds.
Since the previous filing
2026-02-28 → 2026-05-3129 positions became 31: 3 added (5.8% of the fund at the later date), 1 dropped (4.3% at the earlier date). Half the sum of all weight changes, a turnover proxy: 17.0%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of BUG compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-02-28 | 2026-05-31 | Largest decreases | 2026-02-28 | 2026-05-31 |
|---|---|---|---|---|---|
| Netskope Inc | 1.44% | 4.07% | PALO ALTO NETWORKS, INC. | 10.71% | 7.00% |
| OKTA, INC. | 5.00% | 7.46% | CHECK POINT SOFTWARE TECHNOLOGIES LTD. | 6.11% | 4.01% |
| CROWDSTRIKE HOLDINGS, INC. | 5.51% | 7.31% | AKAMAI TECHNOLOGIES, INC. | 7.98% | 6.47% |
| SAILPOINT, INC. | 4.18% | 5.51% | SentinelOne Inc | 4.75% | 3.91% |
| ZSCALER, INC. | 3.65% | 4.76% | GEN DIGITAL INC. | 5.25% | 4.47% |
| RUBRIK, INC. | 4.30% | 4.94% | Digital Arts Inc. | 1.23% | 0.56% |
New: COMMVAULT SYSTEMS, INC. (4.01%), Gorilla Technology Group Inc (0.88%), NCC GROUP PLC (0.85%). Gone: BlackBerry Limited (4.34%).
Asset categories and pricing
as of 2026-05-31| Asset category (as filed) | Share of investments |
|---|---|
| equity EC | 98.74% |
| repurchase agreement RA | 1.16% |
| derivative DE | 0.10% |
100.0% of BUG is carried at a quoted market price (fair-value level 1). Categories and levels are the filer's, from Form N-PORT; what a low level-1 share does and does not mean is in the measure's page.
Derivative exposure and counterparties
as of 2026-05-31A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $1.17B. Notional of an interest-rate or currency swap is not equity exposure.
Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).
Neighbours by effective holdings, equity funds
10Every measured equity fund lined up by how many holdings it behaves like; these sit either side of BUG (19.8). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| CNEQ Alger Concentrated Equity ETF | 30 | 19.7 | 59.33% | 2026-06-30 |
| VUG Vanguard Growth Index Fund | 151 | 19.8 | 60.41% | 2026-06-30 |
| VOOG Vanguard S&P 500 Growth Index Fund | 150 | 19.8 | 60.1% | 2026-05-31 |
| FDN First Trust Dow Jones Internet Index Fund | 42 | 19.8 | 60.91% | 2026-06-30 |
| NASA Tema Space Innovators ETF | 38 | 19.8 | 61.02% | 2026-05-31 |
| IXN iShares Global Tech ETF | 140 | 19.9 | 59.56% | 2026-06-30 |
| XLU State Street(R) Utilities Select Sector SPDR(R) ETF | 35 | 20 | 57.59% | 2026-06-30 |
| EWZ iShares MSCI Brazil ETF | 48 | 20 | 59.28% | 2026-05-31 |
| TGRW T. Rowe Price Growth Stock ETF | 81 | 20 | 58.28% | 2026-06-30 |
| OMAH VistaShares Target 15 Berkshire Select Income ETF | 60 | 20 | 55.37% | 2026-07-31 |
Essays that examine BUG
1-
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