Censys

What it captures

Credit exposure to a cybersecurity SaaS peer facing similar enterprise budget dynamics, cloud infrastructure costs, and competitive pressures.

What it misses

CrowdStrike focuses on endpoint detection rather than attack surface management, and its equity upside from market share gains.

Why the price could rise

May benefit if sustained enterprise security spending and high renewal rates support cybersecurity SaaS valuations and credit quality.

Why the price could fall

May be harmed if macroeconomic pressure causes security budget cuts or forces SaaS vendors to increase sales incentives, compressing margins.

Materiality: medium · Confidence: medium · Medium term (1–3 years)

What it captures

Broad exposure to publicly traded cybersecurity companies serving similar enterprise customer segments for attack surface management and threat intelligence.

What it misses

Censys is private and not held; fund focuses on established vendors rather than emerging SaaS-native platforms with internet scanning capabilities.

Why the price could rise

Rising enterprise security budgets and regulatory mandates for attack surface visibility drive demand across cybersecurity SaaS platforms in ETF holdings.

Why the price could fall

Market rotation away from high-multiple SaaS companies or cybersecurity budget cuts during economic downturns reduce sector valuations.

Materiality: medium · Confidence: high · Medium term (1–3 years)

Expense ratio 0.6% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.

What it captures

Concentrated exposure to cybersecurity pure-plays including threat intelligence, security analytics, and managed security service providers consuming attack surface data.

What it misses

Private companies including Censys; fund emphasizes endpoint and network security over specialized internet scanning infrastructure.

Why the price could rise

Ransomware proliferation and supply chain attacks drive government and enterprise investments in continuous asset discovery and external threat monitoring.

Why the price could fall

Economic slowdowns trigger cybersecurity budget scrutiny and vendor consolidation, disproportionately impacting specialized tool vendors versus platform leaders.

Materiality: medium · Confidence: medium · Medium term (1–3 years)

Expense ratio 0.68% Holding weights are shown only when published by the issuer — the exposure may be material or incidental; check the fund’s current holdings.