The AdProfs AdTech Index™ is designed to track the stock market performance of publicly-traded companies that provide advertising technology software and services. By advertising technology, we mean software that enables targeting, delivery, and analysis of digital advertising campaigns.
Last updated: September 16, 2023
Our intention is to provide a tracker for “pure-play” ad tech stocks. We therefore only include companies that derive the majority of their revenue from advertising technology and related services. This means that we exclude companies with significant ad-tech businesses if it isn’t their primary source of revenue.1 We also require that ad tech revenue is derived from digital ad campaigns served on third-party digital property (rather than the company’s owned and operated properties). Walled Gardens are therefore excluded, despite having significant ad-tech businesses.2 Finally, revenue must primarily be driven by proprietary technology, such as the licensing of such technology and any services associated with operating it.3 Agency Holding Companies are excluded, as their revenues are primarily generated through services related to the operation of third-party technology.
On January 1, 2020, the following companies were added to the index:
- The Trade Desk ($TTD)
- Criteo ($CRTO)
- Magnite ($MGNI)
- LiveRamp ($RAMP)
- Cardlytics ($CDLX)
- Digital Turbine ($APPS)
- Perion ($PERI)
On January 1, 2021, the following companies were added to the index:
- PubMatic ($PUBM)
- MediaAlpha ($MAX)
All companies included in the AdProfs AdTech Index™ are selected by AdProfs, upon meeting the eligibility criteria set out below:
- Security type: common stock and ordinary shares listed on an eligible stock exchange.
- Classes of securities: one security per company is permitted.
- Eligible exchanges: Nasdaq Stock Market; New York Stock Exchange; and, London Stock Exchange.
- Industry / sector: the company must derive the majority of its revenue from advertising technology software and services. Furthermore, with respect to its ad tech revenue, the majority must be related to: digital ad campaigns served on third party properties; and, the licensing of the company’s proprietary technology and any services associated with operating it. As not all companies segment revenue in such a manner in their financial reporting, AdProfs will determine whether a company meets this eligibility requirement, based on certain assumptions it makes as to the company’s business.
- Market capitalization: the issuer has a minimum market capitalization of $500 million.
- Other: the issuer has not entered into a definitive agreement which would result in the security no longer being eligible and is not in bankruptcy proceedings.
The AdProfs AdTech Index™ is an equal-weighted index. All index securities have equal index market capitalization, at the time that they are added to the index.
The AdProfs AdTech Index™ is reconstituted twice a year. On January 1 and July 1 (or the first trading day after that, if it happens to be a non-trading day), we will remove issuers that no longer meet our eligibility criteria and add issuers that do.
The following companies are in the pipeline for inclusion in our July 1, 2021 rebalance:
- Viant ($DSP)
- AppLovin ($APP)
- Tremor ($TRMR)
- DoubleVerify ($DV)
- Zeta Global ($ZETA)
- Acuity ($ATY)
- Integral Ad Science ($IAS)
- IronSource ($IS)
- Taboola ($TBLA)
Potential future candidates for inclusion in our January 1, 2022 rebalance:
While the index itself is reconstituted twice a year, the data on this page is updated monthly. To receive updates by email, subscribe to our newsletter.
 On this basis, we exclude marketing clouds (ADBE, ORCL, CRM), credit data companies (EFX, EXPN), ecommerce companies (AMZN), telcos (T, VZ), streaming platforms (SPOT), diversified software businesses (MSFT), and others.
 On this basis, we exclude GOOG, FB, TWTR, ROKU and SNAP.
 On this basis, we exclude WPP, DNTUF, OMC, and PUB.
Disclaimer: The AdProfs AdTech Index™ is provided by AdProfs Inc. (“AdProfs”). All information is provided for informational and discussion purposes only. It is not intended to be – and it should not be construed as – a recommendation for a transaction or investment, or financial, tax, investment or other advice of any kind, either on behalf of a particular security or an overall investment strategy. AdProfs Inc. makes no warranty or representation regarding any of the information or data presented. Investors should undertake their own diligence and carefully evaluate companies before investing.
License and Usage: You are free to copy and re-distribute the data and the graphs in the AdProfs AdTech Index™ in any medium or format, and to transform and build upon it, provided that: (i) you cite AdProfs as the source of the original information; (ii) you include a link to this page (if distributing it in digital format); and, (iii) your use is only for non-commercial purposes.
AdProfs™ and AdProfs AdTech Index™ are trademarks, service marks and trade names of AdProfs, Inc. You may not use these in any manner except as expressly set out above.