Public SaaS Companies

SEG’s acclaimed research reports began in 2001 to help software executives, venture capitalists, and private equity investors worldwide stay informed on the software industry. This page brings SEG’s research to life in an interactive and digestible way and serves as a tool to provide high-quality insights for industry professionals in real time.

The SEG SaaS IndexTM was founded in 2006 and today comprises 120+ publicly traded companies that primarily offer solutions via the cloud. The Index is updated every quarter depending on acquisitions, IPOs, readily available financial data, and changes in business models. Interact with the charts below to see how public SaaS companies perform and how the SEG SaaS Index compares to other major indices.

READ MORE: Learn how to benchmark and analyze your business against the 120+ public SaaS companies forming the SEG SaaS Index™.

Stock Market Indices

See how the median stock price performance for the SEG SaaS Index stacks up against other major stock market indices. The chart compares the stock price percentage change from the starting date to the end date for the period selected on the right. Compare the percentage change at any point in time by hovering over the chart below.
-7.5%
SEG SaaS Index
0.7%
Dow Jones
3.5%
NASDAQ 100
4.7%
S&P 500

SaaS Multiples

The chart below assesses the daily median EV/TTM Revenue multiple for companies in the SEG SaaS Index. Toggle the date filters on the right to see how the median revenue multiple changes over time. To see the median SaaS multiples at any point in time, hover over the chart below.

SaaS Companies

View key metrics for all 120 publicly traded SaaS companies that comprise the SEG SaaS Index below. Click any column header to sort by different metrics, and use the scroll bar on the right to view additional companies. Data in this report is updated daily. Filter by product category to see how your company compares to select SaaS companies. To learn how to use this data as a benchmark for your business, speak with an M&A advisor today.
Name Ticker Price Market Cap Enterprise Value Revenue (TTM) Revenue Growth (TTM) Gross Margin (TTM) EBITDA Margin (TTM) EV/Revenue EV/EBITDA YTD Price % Change
2U TWOU $ 0.2 $ 20.4M $ 941.9M $ 946.0M -1.8 % 72.8 % -11.5 % 1.0 x N/A -78.8 %
8X8 EGHT $ 2.2 $ 266.3M $ 639.5M $ 733.8M -0.9 % 69.6 % -0.3 % 0.9 x N/A -40.6 %
ACI Worldwide ACIW $ 31.9 $ 3.5B $ 4.4B $ 1.5B 2.2 % 50.5 % 24.8 % 3.0 x 12.2 x 5.2 %
Adobe ADBE $ 465.0 $ 210.2B $ 207.5B $ 19.9B 13.2 % 88.1 % 36.2 % 10.4 x 28.7 x -19.8 %
Affirm Holdings AFRM $ 31.0 $ 9.4B $ 14.1B $ 1.9B 29.3 % 42.0 % -31.1 % 7.4 x N/A -33.5 %
Alarm.com ALRM $ 64.1 $ 3.2B $ 3.0B $ 881.7M 4.6 % 63.1 % 16.4 % 3.4 x 20.9 x 1.1 %
Alkami ALKT $ 23.8 $ 2.3B $ 2.2B $ 264.8M 29.6 % 54.4 % -16.9 % 8.3 x N/A 2.3 %
Amplitude AMPL $ 9.5 $ 1.1B $ 807.4M $ 276.3M 16.1 % 74.0 % -28.8 % 2.9 x N/A -24.9 %
AppFolio APPF $ 208.5 $ 7.5B $ 7.3B $ 620.4M 31.5 % 61.6 % 5.9 % 11.7 x 198.9 x 23.2 %
Appian APPN $ 34.5 $ 2.5B $ 2.6B $ 545.4M 16.5 % 73.7 % -14.8 % 4.9 x N/A -1.7 %
Asana ASAN $ 13.6 $ 3.0B $ 2.8B $ 615.2M 45.6 % 95.6 % -35.3 % 4.5 x N/A -23.4 %
Atlassian TEAM $ 191.6 $ 49.4B $ 49.1B $ 3.9B 22.4 % 81.7 % -4.0 % 12.6 x N/A -15.5 %
Autodesk ADSK $ 216.5 $ 46.3B $ 47.0B $ 5.3B 15.6 % 91.7 % 23.3 % 8.9 x 38.2 x -7.5 %
AvePoint AVPT $ 7.7 $ 1.4B $ 1.2B $ 271.8M 17.0 % 71.5 % -2.9 % 4.4 x N/A -2.7 %
AvidXChange AVDX $ 11.4 $ 2.3B $ 2.0B $ 380.7M 20.3 % 68.1 % 0.9 % 5.3 x 611.4 x -5.3 %
Bandwidth BAND $ 17.3 $ 444.6M $ 935.7M $ 601.1M 4.9 % 39.3 % 3.9 % 1.6 x 40.3 x 21.9 %
BigCommerce BIGC $ 5.9 $ 448.2M $ 527.2M $ 309.4M 10.9 % 76.0 % -15.9 % 1.7 x N/A -34.6 %
Bill.com BILL $ 59.6 $ 6.4B $ 5.2B $ 1.2B 39.1 % 81.9 % -0.2 % 4.4 x N/A -22.8 %
BlackLine BL $ 57.4 $ 3.5B $ 3.7B $ 590.0M 12.8 % 75.1 % 19.8 % 6.3 x 31.9 x -2.7 %
Blackbaud BLKB $ 76.5 $ 4.1B $ 4.2B $ 1.1B 4.5 % 54.6 % 15.1 % 3.8 x 25.2 x -10.6 %
Box BOX $ 26.7 $ 3.8B $ 3.8B $ 1.0B 12.2 % 76.1 % 10.0 % 3.8 x 37.7 x 3.3 %
Braze BRZE $ 38.9 $ 3.9B $ 3.5B $ 424.5M 58.6 % 76.4 % -28.3 % 8.2 x N/A -22.6 %
Brightcove BCOV $ 1.7 $ 75.6M $ 78.9M $ 201.2M -4.7 % 61.6 % -2.2 % 0.4 x N/A -30.1 %
C3.ai AI $ 20.7 $ 2.5B $ 1.8B $ 296.4M 11.1 % 58.9 % -86.6 % 5.9 x N/A -27.9 %
CS Disco LAW $ 7.5 $ 452.9M $ 302.5M $ 138.1M 2.1 % 74.7 % -25.9 % 2.2 x N/A 0.8 %
Ceridian CDAY $ 58.8 $ 9.2B $ 9.8B $ 1.5B 21.5 % 42.7 % 17.5 % 6.5 x 37.2 x -11.0 %
Clearwater Analytics CWAN $ 16.4 $ 4.0B $ 3.8B $ 368.2M 21.3 % 70.9 % -2.8 % 10.2 x N/A -16.1 %
Cloudflare NET $ 84.1 $ 28.2B $ 28.0B $ 1.3B 33.0 % 76.3 % 0.7 % 21.6 x 3247.0 x 6.0 %
Confluent CFLT $ 26.9 $ 8.3B $ 7.5B $ 777.0M 32.6 % 70.4 % -50.0 % 9.6 x N/A 18.4 %
Couchbase BASE $ 22.9 $ 1.1B $ 952.5M $ 171.3M 31.3 % 92.2 % -42.8 % 5.6 x N/A 8.4 %
Coursera COUR $ 11.9 $ 1.8B $ 1.1B $ 635.8M 21.4 % 51.9 % -14.0 % 1.7 x N/A -38.1 %
Crowdstrike CRWD $ 282.6 $ 67.9B $ 65.2B $ 2.8B 68.4 % 83.4 % 11.1 % 23.7 x 213.1 x 14.5 %
Datadog DDOG $ 120.1 $ 39.5B $ 37.8B $ 2.1B 27.1 % 80.7 % 6.5 % 17.7 x 275.0 x 4.4 %
Definitive Healthcare DH $ 7.1 $ 1.1B $ 1.1B $ 251.4M 12.9 % 81.1 % -61.2 % 4.2 x N/A -30.4 %
Descartes DSGX $ 90.3 $ 7.7B $ 7.4B $ 572.9M 17.9 % 75.9 % 38.1 % 12.9 x 33.7 x 10.9 %
DigitalOcean Holdings DOCN $ 32.4 $ 2.8B $ 4.0B $ 692.9M 20.2 % 59.0 % 22.2 % 5.8 x 26.2 x -10.5 %
Docebo DCBO $ 44.5 $ 1.4B $ 1.3B $ 180.8M 26.5 % 80.9 % -0.4 % 7.5 x N/A -1.0 %
Docusign DOCU $ 55.7 $ 11.4B $ 10.5B $ 2.7B 20.3 % 81.7 % 8.1 % 3.9 x 48.2 x -2.3 %
Domo DOMO $ 7.7 $ 282.0M $ 350.5M $ 318.3M 16.9 % 76.5 % -19.9 % 1.1 x N/A -23.2 %
Dropbox DBX $ 23.0 $ 7.9B $ 8.6B $ 2.5B 7.6 % 80.9 % 29.9 % 3.4 x 11.5 x -20.2 %
DynaTrace DT $ 45.4 $ 13.4B $ 12.7B $ 1.4B 24.4 % 81.4 % 12.8 % 9.3 x 72.2 x -14.0 %
Ebix EBIX $ 1.2 $ 35.8M $ 576.5M $ 735.6M -54.8 % 47.0 % 17.4 % 0.8 x 4.5 x N/A
Elastic ESTC $ 96.2 $ 9.6B $ 9.2B $ 1.2B 17.9 % 73.9 % -5.3 % 7.6 x N/A -9.7 %
Eventbrite EB $ 5.2 $ 520.2M $ 238.2M $ 326.1M 25.0 % 68.4 % 1.7 % 0.7 x 42.6 x -35.4 %
EverCommerce EVCM $ 8.8 $ 1.7B $ 2.1B $ 675.4M 8.8 % 65.8 % 15.8 % 3.1 x 19.7 x -16.7 %
Fastly FSLY $ 12.3 $ 1.6B $ 1.7B $ 506.0M 16.9 % 52.6 % -6.8 % 3.4 x N/A -29.7 %
Five9 FIVN $ 57.1 $ 4.2B $ 4.2B $ 910.5M 16.9 % 52.5 % -1.2 % 4.6 x N/A -24.9 %
Fortive FTV $ 79.5 $ 27.9B $ 29.7B $ 6.1B 4.1 % 59.3 % 25.9 % 4.9 x 18.9 x 10.0 %
Freshworks FRSH $ 17.6 $ 5.2B $ 4.0B $ 596.4M 19.8 % 82.7 % -17.4 % 6.8 x N/A -20.3 %
Gitlab GTLB $ 51.5 $ 8.0B $ 6.9B $ 526.5M 81.5 % 98.8 % -29.2 % 13.2 x N/A -14.2 %
Guidewire Software GWRE $ 107.6 $ 8.8B $ 8.5B $ 925.8M 6.4 % 55.9 % -4.7 % 9.2 x N/A 0.8 %
Health Catalyst HCAT $ 5.6 $ 321.1M $ 252.5M $ 295.9M 7.1 % 44.5 % -27.6 % 0.9 x N/A -38.8 %
HealthStream HSTM $ 24.8 $ 752.3M $ 701.4M $ 279.1M 4.6 % 66.0 % 21.4 % 2.5 x 11.8 x -7.0 %
HubSpot HUBS $ 631.2 $ 31.8B $ 31.2B $ 2.2B 25.4 % 84.1 % -3.7 % 14.4 x N/A 15.2 %
Informatica INFA $ 35.2 $ 10.2B $ 11.1B $ 1.6B 6.0 % 78.8 % 16.1 % 7.0 x 43.3 x 30.6 %
Instructure INST $ 19.1 $ 2.8B $ 2.9B $ 530.2M 11.6 % 64.9 % 28.6 % 5.5 x 19.3 x -26.7 %
Intapp INTA $ 30.8 $ 2.1B $ 2.0B $ 392.2M 26.7 % 69.0 % -8.8 % 5.1 x N/A -16.2 %
Jfrog FROG $ 37.1 $ 3.9B $ 3.4B $ 349.9M 24.9 % 78.0 % -8.8 % 9.6 x N/A 10.8 %
Kaltura KLTR $ 1.2 $ 169.7M $ 155.1M $ 175.2M 3.8 % 64.1 % -18.7 % 0.9 x N/A -34.1 %
LivePerson LPSN $ 0.5 $ 41.1M $ 417.1M $ 402.0M -21.9 % 64.5 % -11.5 % 1.0 x N/A -86.1 %
MSCI MSCI $ 510.1 $ 40.3B $ 44.5B $ 2.5B 12.5 % 82.3 % 67.8 % 17.6 x 26.0 x -8.2 %
MeridianLink MLNK $ 17.2 $ 1.4B $ 1.7B $ 303.6M 5.4 % 64.3 % 25.5 % 5.6 x 22.0 x -25.8 %
Monday.com MNDY $ 178.1 $ 8.6B $ 7.6B $ 729.7M 40.6 % 88.9 % -4.1 % 10.4 x N/A 0.1 %
MongoDB MDB $ 327.5 $ 23.6B $ 22.8B $ 1.5B 55.6 % 82.7 % -8.0 % 15.0 x N/A -14.7 %
Ncino NCNO $ 29.4 $ 3.3B $ 3.3B $ 451.8M 47.8 % 63.1 % 2.9 % 7.3 x 249.6 x -15.2 %
Nutanix NTNX $ 58.8 $ 14.3B $ 14.0B $ 2.0B 18.1 % 83.8 % 3.1 % 6.9 x 226.0 x 28.1 %
ON24 Inc ONTF $ 6.6 $ 275.2M $ 81.8M $ 163.7M -14.2 % 71.7 % -26.6 % 0.5 x N/A -10.9 %
Okta OKTA $ 92.0 $ 15.2B $ 14.3B $ 2.1B 44.4 % 79.6 % -11.6 % 6.8 x N/A 5.8 %
Olo OLO $ 4.7 $ 766.7M $ 421.0M $ 228.3M 23.1 % 60.9 % -19.6 % 1.8 x N/A -13.8 %
Oracle ORCL $ 114.9 $ 315.8B $ 393.9B $ 52.5B 9.5 % 71.5 % 39.7 % 7.5 x 18.9 x 10.4 %
PROS Holdings PRO $ 33.3 $ 1.5B $ 1.7B $ 303.7M 10.0 % 62.0 % -14.7 % 5.6 x N/A -5.2 %
PTC PTC $ 176.4 $ 21.0B $ 23.2B $ 2.2B 12.4 % 79.1 % 28.6 % 10.6 x 37.3 x 4.6 %
Pagerduty PD $ 20.6 $ 1.9B $ 1.8B $ 409.5M 35.1 % 86.2 % -10.8 % 4.4 x N/A -6.0 %
Palo Alto Networks PANW $ 277.7 $ 87.6B $ 85.9B $ 7.5B 22.3 % 74.0 % 16.1 % 11.4 x 71.0 x -3.9 %
Paycom Software PAYC $ 183.2 $ 11.0B $ 10.7B $ 1.7B 23.2 % 83.7 % 34.7 % 6.3 x 18.3 x -10.4 %
Paycor PYCR $ 17.0 $ 3.0B $ 3.0B $ 604.7M 24.7 % 66.2 % 8.8 % 4.9 x 55.9 x -19.2 %
Paylocity Holding PCTY $ 157.2 $ 8.8B $ 8.5B $ 1.3B 29.1 % 68.9 % 23.1 % 6.6 x 28.5 x -3.4 %
Pegasystems PEGA $ 57.6 $ 4.8B $ 5.0B $ 1.4B 8.7 % 73.6 % 8.5 % 3.5 x 40.9 x 22.9 %
PowerSchool PWSC $ 17.5 $ 3.5B $ 4.3B $ 697.7M 10.6 % 59.3 % 24.3 % 6.2 x 25.5 x -23.4 %
Procore PCOR $ 70.3 $ 10.1B $ 9.5B $ 950.0M 31.9 % 81.6 % -10.7 % 10.0 x N/A 3.8 %
Q2 Holdings QTWO $ 50.0 $ 2.9B $ 3.2B $ 624.6M 10.4 % 48.5 % 2.5 % 5.0 x 201.7 x 18.3 %
Qualys QLYS $ 163.6 $ 6.0B $ 5.6B $ 554.5M 13.2 % 80.6 % 37.1 % 10.1 x 27.3 x -14.8 %
Rapid7 RPD $ 44.3 $ 2.7B $ 3.4B $ 777.7M 13.5 % 70.2 % -5.0 % 4.3 x N/A -19.4 %
RingCentral RNG $ 29.4 $ 2.8B $ 4.1B $ 2.2B 10.8 % 69.8 % 5.1 % 1.9 x 36.3 x -9.8 %
Riskified RSKD $ 4.9 $ 868.2M $ 424.7M $ 297.6M 13.9 % 51.2 % -22.3 % 1.4 x N/A 9.7 %
Roper Technologies ROP $ 534.4 $ 57.1B $ 63.2B $ 6.2B 15.0 % 69.7 % 31.7 % 10.2 x 32.3 x -0.0 %
SAP SAP $ 175.8 $ 205.3B $ 207.6B $ 34.0B 6.9 % 72.2 % 23.0 % 6.1 x 26.5 x 17.0 %
SEMrush SEMR $ 11.5 $ 1.6B $ 1.4B $ 307.7M 21.0 % 83.0 % 5.0 % 4.6 x 92.6 x -12.7 %
SPS Commerce SPSC $ 165.5 $ 6.1B $ 5.8B $ 536.9M 19.1 % 66.1 % 22.4 % 10.8 x 48.3 x -10.2 %
Salesforce.com CRM $ 270.4 $ 261.7B $ 260.1B $ 33.8B 20.8 % 78.0 % 26.4 % 7.7 x 29.2 x 5.6 %
Samsara IOT $ 30.1 $ 16.3B $ 15.8B $ 837.0M 95.4 % 82.5 % -32.0 % 18.9 x N/A -3.9 %
SentinelOne S $ 20.1 $ 6.0B $ 5.1B $ 549.0M 123.5 % 80.5 % -52.6 % 9.3 x N/A -22.5 %
ServiceNow NOW $ 713.9 $ 146.4B $ 143.8B $ 9.0B 23.8 % 78.6 % 17.5 % 16.0 x 91.6 x 3.8 %
Shopify SHOP $ 69.7 $ 89.5B $ 84.8B $ 7.1B 26.1 % 49.8 % 3.6 % 12.0 x 333.9 x -5.6 %
Smartsheet SMAR $ 36.8 $ 5.0B $ 4.4B $ 888.7M 47.6 % 86.9 % -6.4 % 5.0 x N/A -21.0 %
Snowflake SNOW $ 145.4 $ 47.9B $ 44.3B $ 2.5B 80.1 % 75.0 % -26.5 % 17.4 x N/A -23.1 %
SolarWinds SWI $ 10.9 $ 1.8B $ 2.8B $ 758.7M 5.5 % 88.5 % 30.6 % 3.7 x 12.0 x -10.1 %
Sprinklr CXM $ 11.3 $ 3.1B $ 2.5B $ 690.2M 31.1 % 80.1 % 12.2 % 3.6 x 29.4 x -3.9 %
Squarespace SQSP $ 34.5 $ 4.7B $ 5.1B $ 1.0B 16.8 % 79.5 % 12.9 % 5.0 x 38.7 x 8.5 %
Tenable TENB $ 44.8 $ 5.2B $ 5.2B $ 798.7M 16.9 % 77.0 % -1.1 % 6.5 x N/A 2.0 %
Teradata TDC $ 36.3 $ 3.6B $ 3.7B $ 1.8B 2.1 % 60.8 % 14.3 % 2.0 x 14.1 x -17.0 %
The Trade Desk TTD $ 77.3 $ 37.9B $ 36.8B $ 1.9B 23.3 % 81.2 % 16.9 % 18.9 x 111.8 x 9.5 %
Toast TOST $ 21.6 $ 11.7B $ 10.6B $ 3.9B 41.6 % 21.6 % -6.6 % 2.7 x N/A 19.7 %
Twilio TWLO $ 57.5 $ 10.4B $ 7.6B $ 4.2B 8.6 % 49.2 % -17.1 % 1.8 x N/A -19.1 %
Tyler Technologies TYL $ 403.4 $ 17.0B $ 17.5B $ 2.0B 5.5 % 44.1 % 20.1 % 9.0 x 44.6 x -1.2 %
UiPath PATH $ 18.8 $ 10.6B $ 8.8B $ 1.3B 23.6 % 85.0 % -3.1 % 6.7 x N/A -21.2 %
Upland Software UPLD $ 2.2 $ 67.8M $ 311.9M $ 297.9M -6.1 % 67.6 % -30.8 % 1.0 x N/A -48.9 %
Varonis Systems VRNS $ 43.3 $ 4.7B $ 4.5B $ 499.2M 5.4 % 85.6 % -19.2 % 9.0 x N/A -2.7 %
Veeva Systems VEEV $ 198.4 $ 31.9B $ 28.0B $ 2.3B 18.2 % 74.2 % 27.8 % 12.3 x 44.2 x 4.9 %
Verint Systems VRNT $ 29.1 $ 1.8B $ 2.0B $ 943.1M 5.0 % 67.1 % 15.1 % 2.2 x 14.3 x 10.8 %
Verisk Analytics VRSK $ 222.5 $ 32.3B $ 35.1B $ 2.7B 20.2 % 67.3 % 47.4 % 13.1 x 27.6 x -6.5 %
Veritone VERI $ 3.7 $ 135.6M $ 151.6M $ 127.6M -14.8 % 77.8 % -26.7 % 1.2 x N/A 101.1 %
Vertex VERX $ 28.6 $ 4.4B $ 4.3B $ 572.4M 16.4 % 60.9 % 10.4 % 7.6 x 73.0 x 6.8 %
WalkMe WKME $ 7.9 $ 702.5M $ 449.8M $ 267.0M 9.0 % 83.4 % -22.9 % 1.7 x N/A -21.1 %
Weave WEAV $ 10.8 $ 751.0M $ 701.7M $ 170.5M 19.9 % 68.1 % -7.6 % 4.1 x N/A -6.3 %
Wix WIX $ 121.4 $ 6.9B $ 6.9B $ 1.6B 12.5 % 67.2 % 0.1 % 4.4 x 3827.7 x 2.9 %
Workday WDAY $ 252.2 $ 66.3B $ 61.8B $ 6.9B 26.9 % 80.1 % 10.7 % 9.0 x 84.2 x -6.0 %
Workiva WK $ 77.9 $ 4.2B $ 4.2B $ 630.0M 17.1 % 75.5 % -9.4 % 6.6 x N/A -18.6 %
Yext YEXT $ 5.5 $ 677.4M $ 573.6M $ 401.7M 1.1 % 78.9 % 6.2 % 1.4 x 23.2 x -6.0 %
Ziff Davis ZD $ 51.6 $ 2.4B $ 2.6B $ 1.4B -1.9 % 85.5 % 24.5 % 1.9 x 7.8 x -23.3 %
Zoom ZM $ 59.5 $ 18.1B $ 11.2B $ 4.5B 6.0 % 77.1 % 21.4 % 2.5 x 11.7 x -14.0 %
ZoomInfo ZI $ 15.5 $ 6.1B $ 6.9B $ 1.2B 12.9 % 85.6 % 41.5 % 5.5 x 13.3 x -12.6 %
Zscaler ZS $ 169.2 $ 25.1B $ 23.9B $ 1.9B 40.6 % 77.5 % 0.6 % 12.6 x 2156.2 x -20.3 %
Zuora ZUO $ 9.2 $ 1.3B $ 1.2B $ 417.9M 16.2 % 68.1 % -10.1 % 2.9 x N/A 5.7 %

Revenue Multiple by Size

The SEG SaaS Index is evaluated by TTM Revenue, sorted from small to mega-sized companies. View the median EV/TTM Revenue multiple by cohort below, and toggle the date filters on the right to see how multiples change over time.
Median EV/TTM Revenue Multiple

Revenue Multiple by Category

The SEG SaaS Index is divided into 10 categories, covering everything from Security to Sales & Marketing, Enterprise Resource Planning (ERP) to Financial Applications, and more. See which types of companies are outperforming the rest by comparing the median EV/TTM Revenue multiple by product category. Click on the date filters on the right to see how the categories compare over time.
Median EV/TTM Revenue Multiple

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Disclaimer

The information set forth in the SEG SaaS Index 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 SEG Capital Advisors LLC (“SEG”). SEG makes no warranty or representation regarding any such information, or the data presented in such materials, and SEG expressly disclaims any and all liability which may be based on the SEG SaaS Index or any of its contents, errors therein or omissions therefrom. SEG and/or individuals and entities affiliated with SEG, may purchase, sell, or hold securities of issuers that are constituents of the SEG SaaS Index from time to time and at any time, including in advance of or following an issuer being added to or removed from the SEG SaaS Index. Financial data was provided by Tiingo.