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.

The ETF’s success prompted the creation of a rival, which is also off to a solid start. The First Trust NASDAQ CEA Cybersecurity ETF (NasdaqGM: CIBR) debuted earlier this month and is already home to $21.5 million in assets.

Although the sample set is small, HACK has outperformed CIBR over the past week with the former rising by 0.15% and the latter falling by the same amount.

CIBR and HACK may not be alone in the cyber security ETF space for long as Direxion has plans to introduce leveraged bearish and bullish versions of HACK.

PureFunds ISE Cyber Security ETF