The XA ETF is an active ETF that selects companies with business exposure to the AI-driven cybersecurity value chain, rather than tracking a specific index. It looks across threat detection and response, access management, endpoint and cloud security, and automation.

It suits long-term investors who want diversified, actively managed exposure to the AI-linked security theme instead of picking individual cybersecurity companies themselves.

This ETF is actively managed by Corgi Strategies.

Corgi Strategies selects stocks by examining multiple areas of the AI-driven cybersecurity value chain, including threat detection and response, identity and access management, endpoint protection, cloud security, and security automation. Rather than being fixed to a particular subsector, it is an active strategy that considers both the connectivity of security technologies and each company's business relevance.

• A selection approach that broadly covers the AI-linked security value chain
• Active management that is not bound by the inclusion rules of a specific index

Assets under management (AUM) stand at $7.7M, and the total expense ratio is 0.35% per year.

Because this is a micro-cap-sized product, investors should check the trading environment and bid-ask spreads before trading, and weigh the fee level alongside the product information provided.

Returns can be affected by investor sentiment toward AI, expectations for corporate security spending, and shifts in valuations across technology stocks. Demand for cybersecurity may continue across a variety of industries, but short-term volatility could rise as preferences for the theme change.

Fund flows can be influenced by investor interest in the AI and cybersecurity themes, the product's trading environment, and overall market risk appetite. For micro-cap-sized products, trading conditions can change with inflows and outflows, so investors should check liquidity and bid-ask conditions before investing.

The ETF offers broad access to the AI-linked cybersecurity value chain, but investors should also consider its micro-cap size and the trading and holdings changes that come with active selection.

The list of comparison candidates provided is empty, so it is difficult to present listed ETFs for direct comparison. Accordingly, rather than making definitive statements about fees or liquidity across individual products, it is worth examining the XA ETF mainly through its management strategy and changes in its holdings. The top holdings list includes MYMK, MSBT, META, JPM, and CIK, so investors should also review how closely the holdings relate to their industries and how well they fit the cybersecurity theme.

Before investing, first confirm that this product is not an index-tracking fund but an active ETF that selects stocks based on the manager's judgment. Beyond the theme's growth potential, investors should also review the trading environment and the possibility of changes in holdings.

The AI-driven cybersecurity theme can move sensitively with companies' technological competitiveness, customer spending, information security incidents, and shifts in market risk appetite. The micro-cap size and active management style should be viewed as factors that raise the likelihood of changes in the trading environment and holdings.

The Corgi AI Cybersecurity ETF is an active product focused on the combination of AI and security technology. When considering a long-term holding, it is important to check together its lack of distribution history, the trading characteristics of a micro-cap-sized product, and changes in holdings driven by the manager's judgment.