Last year, approximately 200 exchange traded products made debuts in the U.S. with an oft-cited glum statistic being that by the end of the year, close to half those products had failed to attract at least $10 million in assets.
However, some funds are proving 2014 could be remembered as year when some new ETFs achieved rapid success. The PureFunds ISE Cyber Security ETF (NYSEArca: HACK) is one 2014’s rookie ETFs that easily deserves the label “successful” and that status has been further cemented with news that HACK has topped $1 billion in assets under management.
“Due to the steady stream of data breaches across the globe, cyber security remains a top-of-mind concern for corporate entities, governments, and individuals,” said PureFunds CEO Andrew Chanin in a statement.
Undoubtedly, what is bad news in the world of cyber security in terms of data breaches and thefts turns into good news for HACK and its 31 constituent firms. That is something that has been widely covered in this space and, recently, Goldman Sachs picked up on the theme.
According to Goldman, there have been 17 high-profile cyber security breaches since the second quarter of last year involving companies such as Apple (NasdaqGS: AAPL), Tesla (NasdaqGS: TSLA), Starbucks (NasdaqGS: SBUX) and, on multiple occasions, the federal government. HACK debuted in November, so it has been around for at least 10 of the cyber scrares mentioned by Goldman. [Headlines Help HACK]