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.
HACK’s index “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.
On June 18, PureFunds officially said HACK had $1 billion in assets under management. In the three trading days since then, the ETF has tacked nearly $100 million in new assets. [HACK Hits $1 Billion in Assets]
PureFunds ISE Cyber Security ETF