Tech Megatrends ETF Report | June 2026

Equal Weight ETF Key Takeaways

  • ITEK experienced a +18.6% gain in May.[1]
  • Year-to-date gains were 26.1% (as of 31.05.2026).[2]
  • Record Tech 1st quarter earnings continue to boost ITEK. The gains are powered by AI, Hyperscalers and Semiconductors.
  • Price to Earnings (P/E) ratio valuations fell in March – helping Tech stocks rebound strongly in April.[3]
  • Global Diversification within the fund helps to limit downside – US 65.7%, China 6.9%, Japan 7.0%, S. Korea 2.2%, Australia 2.0%.[4]
  • Fund’s P/E averaging in the low 20s – which is an attractive valuation level.[5]
  • Top 10 holdings represent only 14.3% weight versus Nasdaq’s narrowness which exceeds 50% for the top 10.[6]
  • The best May themes were Defence Tech up 42.5%, Cybersecurity 34.1%, AI-Robotics 22.7%, Blockchain 21.6%, Quantum 41.5%.[7]
  • We believe Cybersecurity and Cloud remain undervalued and a potential big beneficiary of AI adoption and Corporate Tech budget spend.
  • 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.[8]
  • There are potential tailwinds for ITEK – end of the Iran war, lower US inflation, Fed rate cuts and weak US$.
  • Equal weight across 10 subthemes (15 leading holdings per theme).
  • Our newest 2 subthemes Quantum Computing & Defence Tech have performed well – see sub themes table below. 140 Total ITEK Holdings now.
  • 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

  • Tech revolution converging around 3 big IPOs (OpenAI, SpaceX, Anthropic).
  • SpaceX huge valuation may lead to more AI acquisitions and add momentum to the AI buildout.
  • Largest index funds and ETFs all owning SpaceX, given Nasdaq and MSCI rapid inclusion.
  • Anthropic is business focused, at breakeven now. Expected to be the next $1 trillion AI IPO, and backed by Nvidia and Amazon.
  • OpenAI to follow, but remains unprofitable. It is consumer focused and backed by Microsoft.
  • Latest Mag7 tech selloff creates potential buying opportunity for the Tech Megatrends ETF, given its broad global exposure beyond the Mag7.
  • Global equity valuations remain well below levels of the 2000 Internet Bubble. Companies are far better capitalised.
  • US Economy remains resilient with 178,000 jobs added in March and 2.5% GDP possible in 2026.[9] [10]
  • 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+.[11]

Subtheme Returns – May

ContributionContribution (%)Average Return (%)Sum of Weight (%)*
AI & Robotics3.3%22.7%13.2%
Blockchain2.7%21.6%12.3%
Cloud Computing1.3%12.4%9.5%
Cyber Security3.8%34.1%11.6%
Defence4.9%42.5%12.1%
Digital Entertainment0.0%-0.4%8.5%
Future Cars1.2%10.4%11.3%
Genomics0.2%2.3%8.5%
Quantum1.4%41.5%3.4%
Social Media0.1%0.2%9.6%
Sum18.70%

*After rebalancing
Source of all data: Solactive. Data as of 31.05.2026. 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.

Largest Contributors – May

HOLDINGSIndex CategoryContribution (%)Return
(%)
REDWIRE CORPDefence1.13%167.36%
ASTROSCALE HLDG ORDDefence0.89%112.99%
ROCKET LAB CORPORATIONDefence0.59%73.89%
INTUITIVE MACHINES INCDefence0.75%72.90%
ARM HOLDINGS ADRAI & Robotics0.75%67.98%
OKTA INCCyber Security0.46%67.37%
NEBIUS GROUP NVCyber Security0.68%67.18%
MEDIATEKAI & Robotics0.59%65.13%
SAILPOINT INCCyber Security0.35%64.89%
CROWDSTRIKE HOLDINGS INCCyber Security0.51%63.99%
FORTINET INCCyber Security0.45%63.65%
QPS HOLDINGS INCDefence0.45%61.11%
IONQ INCQuantum0.44%59.73%
RIOT PLATFORMS INCBlockchain0.40%57.25%
PALO ALTO NETWORKS INCCyber Security0.46%57.09%
BITDEER TECHNOLOGIES GROUPBlockchain0.54%54.92%
D-WAVE QUANTUM INCQuantum0.33%48.62%
MDA SPACE LTDDefence0.33%48.00%
RUBRIK INC-ACyber Security0.33%47.86%
RIGETTI COMPUTING INCQuantum0.29%46.36%
CLEANSPARK INCBlockchain0.39%45.97%
ADVANCED MICRO DEVICESAI & Robotics0.54%45.59%
AKAMAI TECHNOLOGIES INCCyber Security0.32%45.21%
ISPACE ORDDefence0.21%43.38%
INFINEON TECHNOLOGIES AGFuture Cars0.34%41.97%
SERVICENOW INCCloud Computing0.22%40.83%
RENESAS ELECTRONICS CORPFuture Cars0.27%40.10%
ORACLE CORPCloud Computing0.30%39.90%
QUALCOMM INCAI & Robotics0.34%39.78%
IREN LTDBlockchain0.29%39.62%
Applovin CorpCloud Computing0.26%37.36%
AVIO SPADefence0.21%36.56%
FIREFLY AEROSPACE INCDefence0.41%34.36%
CORE SCIENTIFIC INCBlockchain0.27%34.25%
CIPHER MINING INCBlockchain0.25%33.31%
QUANTUM COMPUTING INCQuantum0.22%32.59%

Source of all data: Solactive. Data as of 31.05.2026. Past performance is no guarantee of future performance.

Equal Weight ETF Performance
As of 31.05.2026

ESGO (Fund)VGLD30EN (Index)
1M32.88%33.02%
3M9.97%10.17%
6M-14.37%-12.51%
YTD15.48%18.20%
12M52.69%56.81%
3Y224.13%238.13%
Since Inception (02/07/2021)175.69%191.41%


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.

1] Source: Bloomberg. Data as of 31.05.2026

[2] Source: Bloomberg. Data as of 31.05.2026

[3] https://www.goldmansachs.com/insights/articles/are-technology-stocks-cheap-now

[4] Source: Bloomberg. Data as of 31.05.2026

[5] Source: Bloomberg. Data as of 31.05.2026

[6] Source: HANetf. Data as of 31.05.2026

[7] Source: Solactive. Data as of 30.04.2026

[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.coindesk.com/markets/2026/04/03/u-s-march-jobs-smash-expectations-with-178-000-added

[10] https://www.reuters.com/business/us-economy-can-grow-least-35-2026-bessent-tells-fox-news-2026-02-20/

[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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