Tech Megatrends ETF Report | July 2026

Equal Weight ETF Key Takeaways

  • ITEK struggled in June with an -8.4% decline, following very strong April & May gains.
  • Year-to-date gains were +15.5% (as of 30.06.2026).
  • There remains a certain amount of nervousness regarding record levels of capital expenditure on AI, causing a rotation away from AI related stocks.
  • Price to Earnings (P/E) ratio valuations fell in June; over concerns about the Fed raising US interest rates.
  • Positive Q2 earnings are expected, however, capital expenditure remains a concern.
  • Global Diversification within the fund helps to limit downside – US 66.6%, China 6.98, Japan 5.9%, Netherlands 2.6%, Australia 2.2%.
  • Fund’s P/E has maintained an average in the low 20s – which is an attractive valuation level.
  • Top 10 holdings represent only 16% weight versus Nasdaq’s narrowness which exceeds 50% for the top 10.
  • The best June themes were Genomics 5.4%, Cybersecurity -1.3%, AI-Robotics -1.9%.
  • Quantum and Defence Tech both suffered sizeable drawdowns, after gains in the 2 prior months (please see Subtheme returns).
  • ITEK is positioned for a potential broad Tech rally, beyond Mega-Caps, partly because sizeable M&A activity is increasing.
  • Fast adoption of AI is boosting Cloud Computing, AI & Cybersecurity spend, as data centre build out becomes one of the largest infrastructure buildouts in modern history.
  • There are potential tailwinds for ITEK – lower oil prices, inflationary pressure, and weak US$.
  • Equal weight across 10 subthemes (15 leading holdings per theme).
  • The fund’s diversified equal weight helps ensure ITEK benefits from Global Tech convergence gains.

Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.

Macro Outlook

  • Following the precedent set by Space X, more Tech related IPOs are expected.
  • Anthropic and OpenAI – the Tech revolution appears to be converging around 3 large IPOs.
  • Tech M&A activity is continuing – more AI acquisitions, and buildout.
  • Anthropic is enterprise focused, at breakeven now. Expected to be the next $1 trillion AI IPO, and backed by Nvidia and Amazon.
  • OpenAI’s IPO is possibly delayed as it remains unprofitable. It is consumer focused and backed by Microsoft.
  • Recent Mag7 tech selloff shows the Tech rotation away from AI and Megacaps.
  • Global equity valuations remain well below levels of the 2000 Internet Bubble. Companies are far better capitalised.
  • US Economy remains resilient with sizeable numbers of jobs added in May and June with +2% GDP growth expected in 2026.
  • AI Convergence across Tech is positive for Cloud, Social Media, Gaming, Future Cars & Cybersecurity.
  • Impressive 2026 tech earnings – may remain at relatively low P/E ratio multiples.
  • Trump Presidency is lowering taxes, introducing large fiscal stimulus which Capex benefits from, and is helping to boost Tech M&A.
  • Possible Iran War end could boost markets and reduce inflation.
  • Almost $3tn spending in AI within decade which could help boost Cloud spending to $3.5tn+.

Subtheme Returns – June

ContributionContribution (%)Average Return (%)Sum of Weight (%)*
AI & Robotics0.57%1.93%14.84%
Blockchain-1.58%-13.63%12.33%
Cloud Computing-1.49%-15.84%8.99%
Cyber Security0.20%-1.33%12.65%
Defence-4.64%-28.12%10.37%
Digital Entertainment-0.08%-0.52%8.34%
Future Cars-0.75%-12.53%11.34%
Genomics0.47%5.38%8.48%
Quantum-0.80%-19.85%3.42%
Social Media-0.29%-2.41%9.25%
Sum-8.39%

*After rebalancing
Source of all data: Solactive. Data as of 30.06.2026. Past performance is not an indicator for future results.

Key Risks

  • Information technology companies are generally subject to the following risks: rapid technological changes; short product lifecycles; increase competition; more aggressive pricing and reduced profit margins; loss of patents, copyrights and trademark protections; cyclical market patterns; evolving industry standards; and frequent new product innovations.
  • Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility.
  • Investors’ capital is fully at risk and may not get back the amount originally invested.
  • Exchange rates can have a positive or negative effect on returns.
  • Past performance is not indicative of future performance.
  • This is not an exhaustive list, further risks can be found in the Prospectus.

Largest Contributors – June

HOLDINGSIndex CategoryContribution (%)Return
(%)
MARVELL TECHNOLOGY INCAI & Robotics0.64%45.31%
LIFE360 INCSocial Media0.14%30.29%
ARISTOCRAT LEISURE LTDDigital Entertainment0.11%22.30%
INTEL CORPAI & Robotics0.31%21.76%
NATERA INCGenomics0.13%21.52%
PALO ALTO NETWORKS INCCyber Security0.22%21.06%
NEBIUS GROUP NVCyber Security0.28%19.51%
REVOLUTION MEDICINES INCGenomics0.17%18.92%
ROBLOX CORPDigital Entertainment0.06%15.33%
GRINDR INCSocial Media0.09%14.96%
ADVANCED MICRO DEVICESAI & Robotics0.18%12.56%
TAKE-TWO INTERACTIVE SOFTWARE INCDigital Entertainment0.07%11.52%
FORTINET INCCyber Security0.11%11.34%
OKTA INCCyber Security0.10%10.69%
ROCKWELL AUTOMATION INCAI & Robotics0.06%9.76%
STMICROELECTRONICS NVFuture Cars0.08%9.40%
F5 INCCyber Security0.07%8.48%
MERCK & CO. INC.Genomics0.04%8.24%
METTLER-TOLEDO INTLGenomics0.04%8.21%
CORTEVA INCGenomics0.05%8.19%
ILLUMINA INCGenomics0.05%7.90%
IPSEN SAGenomics0.03%7.79%
TELEDYNE TECHNOLOGIES INCAI & Robotics0.04%7.59%
MARVELL TECHNOLOGY INCAI & Robotics0.64%45.31%
LIFE360 INCSocial Media0.14%30.29%
ARISTOCRAT LEISURE LTDDigital Entertainment0.11%22.30%
INTEL CORPAI & Robotics0.31%21.76%
NATERA INCGenomics0.13%21.52%
PALO ALTO NETWORKS INCCyber Security0.22%21.06%
NEBIUS GROUP NVCyber Security0.28%19.51%
REVOLUTION MEDICINES INCGenomics0.17%18.92%
ROBLOX CORPDigital Entertainment0.06%15.33%
GRINDR INCSocial Media0.09%14.96%
ADVANCED MICRO DEVICESAI & Robotics0.18%12.56%
TAKE-TWO INTERACTIVE SOFTWARE INCDigital Entertainment0.07%11.52%
FORTINET INCCyber Security0.11%11.34%

Source of all data: Solactive. Data as of 30.06.2026. Past performance is no guarantee of future performance.

Equal Weight ETF Performance
As of 31.07.2026

ITEK (Fund)SOLITEK (Index)
1M-7.67%-7.66%
3M0.25%0.37%
6M3.46%3.71%
YTD6.67%7.10%
12M13.00%13.82%
3Y46.59%49.02%
Since Inception (05/10/2018)136.74%144.69%

Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.07.2026

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 and ETCs, your capital is at risk.

[1] Source: Bloomberg. Data as of 30.06.2026

[2] Ibid

[3] https://edition.cnn.com/2026/07/27/business/fed-interest-rates-economy-oil-prices

[4] Source: Bloomberg. Data as of 30.06.2026

[5] Ibid

[6] Ibid

[7] Source: Solactive. Data as of 30.06.2026

[8] https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-7-trillion-dollar-data-center-build-out-how-industrials-can-capture-their-share

[9] https://www.bls.gov/news.release/pdf/empsit.pdf

[10] https://www.goldmansachs.com/insights/articles/us-gdp-growth-is-projected-to-outperform-economist-forecasts-in-2026

[11] https://www.deccanherald.com/technology/artificial-intelligence/global-ai-spending-to-nearly-double-to-35-trillion-by-2027-gartner-4008641

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