The PureFunds ISE Cyber Security ETF (NYSEArca: HACK) continues cementing its status as a the preeminent avenue for ETF investors looking to profit from the cyber security spending boom as highlighted by today’s news that HACK has topped $100 million in assets under management.
HACK needed just six weeks from its Nov. 12, 2014 inception to reach the $100 million in AUM milestone, making the fund one of the fastest-growing and most successful ETFs to come to market last year.
“We believe HACK targets one of the essential global industries at a critical time and are thrilled that many investors are in agreement with this belief. Despite the typically low volume holiday season, we have been impressed by the daily volume HACK has maintained,” said PureFunds CEO Andrew Chanin in a statement.
HACK benchmarks to the ISE Cyber Security Index, “which tracks the performance of companies actively engaged in providing services for cyber security and for which cyber security business activities are a key driver of their business model. These cyber security services are designed to protect computer hardware, software, networks and data from unauthorized access, vulnerabilities, attacks and other security breaches,” according to PureFunds.
While some naysayers initially criticized HACK for being too narrowly focused when the fund debuted, the ETF’s objectives were quickly validated when barely more than a month after HACK launched, Sony (NYSE: SNE) was forced to scuttle the launch of the “The Interview” due to an alleged hack by North Korea. The controversy surrounding “The Interview” sent investors flocking to HACK and stoked elevated volume in the ETF. [North Korea Hates This ETF]