WisdomTree & Team8

Cybersecurity Index (WTCBR)

The WisdomTree & Team8 Cybersecurity Index is a first of its kind index that is geared towards tracking innovations in cybersecurity made by companies in the public markets. Trust in our digital infrastructure has gone from very important to absolutely critical. We offer the market a fresh approach to track, measure and assess innovation and the implications of developments in technology, threat, geo-political, regulatory and business landscapes on the broader cybersecurity market. Our proprietary methodology systematically surfaces cyber innovations we believe will have the greatest impact, and measures the exposure of public cybersecurity companies, and their products and services, to these key development areas.

Team8 Cybersecurity Brief

The 2021 Cybersecurity Brief, written by the Team8 community, outlines the seven main themes, drivers, and implications that we believe will be of critical importance to business executives and the cybersecurity industry.

Download the full brief
ic CloudSecurity
Cloud Security
ic SecurityofThings
Security of Things
ic PerimeterLess
Perimeterless World
ic Privacy
Privacy & Digital Trust
ic Resilience
Resilience & Recovery
ic ShiftLeft
ic SmarterSecurity
Smarter Security

How the Themes
Are Identified

We collaborated with our Village – our community of 350+ C-level security executives from 300 enterprises across 20 countries, 25% of which are Fortune 500 and 55% of which are Forbes Global 2000. We also worked closely with our cybersecurity experts, many from Israel’s elite 8200 military intelligence unit, and our global advisors to highlight the areas of immense future business growth and product depth from a technology, market trend, regulatory, and venture funding standpoint. We considered both mature and nascent markets to gather a broad perspective and track early, emerging technologies that will influence the future and lead to high growth opportunities in the next few years. We also considered Team8’s “Attacker Perspective” (our unique insights into how attackers think and operate), and other Team8 internal resources, in addition to publicly-available information. We then cross-referenced our findings with the responses from our proprietary 2021 Chief Information Security Officer (CISO) Survey, confirming the top areas where security leaders are increasing their investment.


Name Today Last Day Last Week YTD Lifetime (Since )
WTCBR 24.67 24.68 -0% 25.53 -3.5% 25.11 -1.8% 25.11 -1.8%
NDAQ 62.51 62.48 0% 63 -0.8% 58 7.2% 58 7.2%
S&P 500 5505 5544.59 -0.7% 5631.22 -2.3% 4745.2 13.8% 4745.2 13.8%
Dow Jones 40287.53 40665.02 -0.9% 40211.719 0.2% 37566.219 6.8% 37566.219 6.8%

Index constituents
$ in thousands

Name Symbol Weight Price Market Cap
AHNLAB INC 053800 0.77% 43.48 7,707,065
DIGITAL ARTS INC 2326 0.6% 32.22 5,967,377
TREND MICRO INC 4704 3.92% 45.77 39,271,568
SHANGHAI INFORMATION2 SOFTWARE INC 688435 0.98% 3.12 9,770,495
AKAMAI TECHNOLOGIES INC AKAM 3.6% 95.05 36,019,568
Crowdstrike Holdings Inc CRWD 4.87% 304.96 48,789,524
COMMVAULT SYSTEMS INC CVLT 5.18% 121.08 51,889,972
CYBERARK SOFTWARE LTD CYBR 4.23% 259.63 42,360,896
Darktrace PLC DARK 4.22% 7.50 42,239,900
DATADOG INC DDOG 5.1% 119.03 51,087,684
ELASTIC NV ESTC 5.52% 111.84 55,233,456
F5 INC FFIV 3.87% 174.97 38,758,972
FASTLY INC FSLY 2.45% 7.75 24,545,898
FORTINET INC FTNT 4.22% 58.48 42,212,840
HASHICORP INC HCP 6.7% 33.48 67,092,796
CLOUDFLARE INC NET 4.11% 78.66 41,179,892
OKTA INC OKTA 4.44% 94.03 44,484,308
PALO ALTO NETWORKS INC PANW 6.09% 330.89 60,919,744
QUALYS INC QLYS 3.63% 142.55 36,301,748
RAPID7 INC RPD 3.86% 40.00 38,647,660
SENTINELONE INC S 4.22% 21.72 42,211,064
TENABLE HOLDINGS INC TENB 4.89% 43.37 48,962,424
VARONIS SYSTEMS INC VRNS 2.99% 46.97 29,980,798
ZSCALER INC ZS 4.94% 188.54 49,408,396
Index construction
Eligibility Criteria
  • Coverage of companies by third-party independent index calculation agent.
  • At least 50% of company’s revenue from providing primarily cybersecurity-oriented products.
  • Listing on eligible stock exchanges from developed and developing countries.
  • In case of the Chinese shares, listing on the stock exchanges in the developed world or participation in the Connect program.
  • Market capitalization of at least $300 million and an average daily dollar volume greater than $1,000,000 for each of the three months preceding the Screening Date.
Focus Score
  • The companies are assigned a “Focus Score” that captures the perceived degree of a company’s overall involvement across development themes in cybersecurity.
  • The number of highs, i.e. high exposure to a given development theme, allows to classify a company as “Broad Focus” (highs > 3) or “Narrow Focus” (highs < 3).
Growth Score
  • The companies are assigned a “Growth Score” and classified into “Growing Fast”, “Growing” or “N/A” based on their Revenue CAGR, computed as the compound average annual revenue growth over the trailing three years, two years or one year, depending on the data availability.
Weighting & Rebalance
  • Companies are assigned a Weight Factor based on their Focus and Growth Score, with 1.33 for “Broad Focus” and “Growing Fast”, 0.75 for “Narrow Focus” and “Growing and 1 for all other companies.
  • The index is rebalanced semi-annually in March and September.
Screening for Growth and Focus Scores
  • Companies classified as “Growing Fast” or “Growing” and having either “Broad” or “Narrow” Focus Score will be selected for inclusion. Companies that are currently in the index will not be deleted if their Revenue CAGR is above 5%.
  • If less that 25 companies pass both Growth and Focus screens, the remaining companies from “Broad Focus” and “Narrow Focus” will be ranked by Revenue CAGR and the highest selected for inclusion.
Media contacts
Israel – Shalom Tel Aviv PR, [email protected]
Global – Team8, [email protected]

This webpage represents the opinions of Team8 Labs Inc. (“Team8”) and is for informational purposes only. You should not treat any opinion expressed by Team8 as a specific inducement to make an investment in any security, but only as an expression of Team8’s opinions. Team8’s statements and opinions are subject to change without notice. Team8 is not registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and relies upon the “publishers’ exclusion” from the definition of investment adviser under Section 202(a)(11) of the Advisers Act. As such, the information contained in this webpage does not take into account any particular investment objectives, financial situation or needs and is not intended to be, and should not be construed in any manner whatsoever as, personalized investment advice. The information in this webpage is provided for informational and discussion purposes only and is not intended to be, and shall not be regarded or construed as, a recommendation for a transaction or investment or financial, tax, investment or other advice of any kind by Team8. You should determine on your own whether you agree with the information contained in this webpage. Certain of the securities referenced in this webpage may currently, or from time to time, be constituents of an index developed and maintained by WisdomTree Investments, Inc. using data provided by Team8, which has been or will be licensed for a fee to [one or more] investment funds. In addition, certain officers or employees of Team8 or funds or other persons or entities affiliated or associated with Team8 may hold shares of, be officers or directors of, or otherwise be associated with some or all of the issuers of the securities referenced in this webpage or included in such index. Team8 expressly disclaims all liability with respect to any act or omission taken based on, and makes no warranty or representation regarding, any of the information included in this webpage.