Tech Megatrends ETF Report | July 2025

Equal Weight ETF Key Takeaways

  • ITEK gained 9.5% as markets rebounded, with positive Tech earnings & Tariff delays.[1]
  • ITEK now up 21.1% on a 1Y basis – despite recent volatility.1
  • Potential tailwinds for ITEK include weaker US$ and falling US inflation – latest CPI.
  • Trump’s tariffs focus on goods, not services – barely impacting most ITEK holdings.
  • Big Tech exceeds Q1 earnings, boosting market recovery and gains.
  • Global holdings boost ITEK gains – US weighting drops.
  • Global mix: US 54.2%, China 13.5%, Japan 8.8%, Australia 4.0%, Canada 2.6%.
  • ITEK diversified equal weight approach helping gains – unlike more Mag7 heavily weight IT/Nasdaq indices.
  • Top 10 holdings represent only 12.5% weight; Nasdaq’s narrow concentration exceeds 50% for Top 10.
  • Best June subtheme returns – Blockchain 24% up, Cloud 8.2%, Digital Entertainment 11.3%, and Cyber 11%.
  • ITEK’s overall P/E valuation at 18.8X, remains hugely discount versus Nasdaq 100 & Mag7 levels, above 30X.
  • Top 15 leaders for each Megatrend subtheme – all established firms.
  • Potential buying opportunity at these levels – access leading Global Tech companies.
  • ITEK potentially well-positioned for broader tech rally beyond Mega-Caps.
  • Mega-Cap weight below 8% (Nasdaq 48%).[2]
  • Beyond tariffs, more business-friendly Trump Presidency expected to lower taxes and boost Tech M&A space.
  • ITEK global mandate positive as tech convergence globalises – unlike most US centric Tech Indices/Funds.
  • Fast adoption of AI – boosting Cloud Computing, AI and Cybersecurity spend.
  • Equal weight across 8 subthemes (12.5% per theme; 120 total holdings, 15 per subtheme).
  • Tech Convergence and AI – boosts broader Tech gains across ITEK holdings, beyond Magnificent 7.


Additional sources available upon request. Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs, your capital is at risk.

Macro Outlook

  • US GDP growth rebounding as tariffs and inflation impact more muted.[3]
  • Fed likely to cut rates only in September.
  • Trump 90-day Tariff pause helped – ultimate rates reduced for key EU, Japan trading partners.
  • Reduction in China Tariffs, helps our global tech holdings.
  • ITEK benefits from bond yields declining – 10yr Treasury yields below 4.4%.[4]
  • Trump deregulation and business-friendly policies helps ITEK – positive new US Tax (Big Beautiful) bill.
  • ITEK holdings at cheapest valuations below 19X earnings on average.
  • ITEK holdings remain very undervalued versus Magnificent 7.
  • Earnings beats for ITEK remain positive – 13% earnings growth in Q1 for S&P 500.[5]
  • Trump’s Silicon Valley embrace bodes well for tech.
  • Tariffs ignite demand for Robotics and Automation as US onshoring grows.
  • US tariffs having immaterial impact on tech software and service firms.
  • AI convergence across tech space – positive for Cloud, Social Media, Gaming, Future Cars, and Cybersecurity.
  • Big AI spending continuing, boosting AI players and Cloud providers.
  • Removal of FTC’s M&A blockages and friendlier crypto and SEC regimes.
  • Tech tailwinds for large-caps, acquisition targets, trade at huge valuation discounts to Mag7/FAANGS.
  • Broadening out of Tech gains beyond Mag7 – influx of capital into US Tech continues.
  • Over $2.6tn spending expected in AI within decade; boosting Cloud spending to $3.5bn+ too.[6]

Subtheme Returns – June

ContributionContribution (%)Average Return (%)Sum of Weight (%)
Blockchain3.04%23.80%13.05%
Robotics & Automation0.78%7.19%11.71%
Genomics0.68%4.93%11.84%
Cyber Security1.33%11.03%12.57%
Future Cars0.21%-3.09%12.11%
Digital Entertainment1.63%11.25%14.09%
Cloud Computing1.07%8.16%12.36%
Social Media0.81%6.38%12.26%
Total9.56%

Source of all data: Solactive. Past performance is no guarantee of future performance.

HOLDINGSIndex CategoryContribution (%)ReturnAverage Weight (%)
(%)
IRIS ENERGY LTDBlockchain0.62%73.66%1.03%
CORE SCIENTIFIC INCBlockchain0.48%60.28%0.91%
CIPHER MINING INCBlockchain0.34%53.21%0.75%
NEBIUS GROUP NVCyber Security0.47%50.56%1.17%
COINBASE GLOBAL INC -CLASS ABlockchain0.40%42.12%1.05%
RIOT PLATFORMS INCBlockchain0.29%40.02%0.84%
MEITU INCSocial Media0.42%37.03%1.26%
REDDIT INCSocial Media0.20%34.02%0.63%
ORACLE CORPCloud Computing0.26%32.08%0.93%
ARM HOLDINGS ADRRobotics & Automation0.23%29.87%0.86%
SAILPOINT INCCyber Security0.18%29.74%0.71%
MARVELL TECHNOLOGY INCRobotics & Automation0.16%28.59%0.61%
CLEANSPARK INCBlockchain0.25%27.81%0.96%
OSL GROUP LTDBlockchain0.30%25.65%1.18%
GDS HOLDINGS LTDCyber Security0.13%24.74%0.58%
TERAWULF INCBlockchain0.17%24.08%0.77%
HUT 8 CORPBlockchain0.19%21.39%0.93%
MICROCHIP TECHNOLOGY INCRobotics & Automation0.17%21.24%0.91%
ROBLOX CORPDigital Entertainment0.24%20.95%1.22%
GALAXY DIGITAL HOLDINGS LTDBlockchain0.21%19.66%1.03%
DRAFTKINGS INCDigital Entertainment0.13%19.54%0.69%
HEWLETT PACKARD ENTERPRISE COMPANYCloud Computing0.13%18.34%0.72%
CLOUDFLARE INC – CLASS ACloud Computing0.17%18.05%0.98%
STMICROELECTRONICS NVFuture Cars0.18%17.37%0.93%
NINTENDO CO LTDDigital Entertainment0.16%17.28%0.92%
NVIDIA CORPRobotics & Automation0.15%16.92%0.92%

Source of all data: Solactive. Past performance is no guarantee of future performance.

Equal Weight ETF Performance
As of 31.08.2026

ITEK (Fund)SOLITEK (Index)
1M5.23%5.28%
3M-11.01%-10.94%
6M14.22%14.59%
YTD12.25%12.76%
12M13.93%14.76%
3Y72.48%75.38%
Since Inception (05/10/2018)149.13%157.62%


Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.08.2026

Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs your capital is at risk.

* The SFDR classifications for the funds are documented in their respective supplements and approved by the Central Bank of Ireland. The supplement for each fund can be found on their respective product page.

[1] Source: Bloomberg; HANetf data as of 30.06.2025.

[2] Source: GinsGlobal; Morningstar. Data as of 30.06.2025.

[3] https://www.reuters.com/world/us/rebound-us-economic-growth-second-quarter-masks-underlying-slowing-trend-2025-07-30/

[4] https://www.cnbc.com/quotes/US10Y

[5] https://www.reuters.com/business/estimated-sp-500-q1-profit-growth-jumps-vs-wk-ago-q2-forecast-falls-further-2025-05-01/

[6] https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/beyond-the-hype-capturing-the-potential-of-ai-and-gen-ai-in-tmt

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