The PureFunds ISE Cyber Security ETF (NYSEArca: HACK) has rapidly become a star among technology industry exchange traded funds. An assets under management total of nearly $1.4 billion after the fund launched in November confirms as much.

However, HACK has not been immune to the recent pullbacks endured by previously high-flying sectors. The ETF is more than 12% of its highs set earlier this quarter and some analysts are expressing concern about frothy valuations in the cyber security space. [Headlines Help HACK]

While HACK is up 15% year to date, it is 10% off its 2015 high of $33.91, a reminder that the stocks inside can be volatile. Overall, S&P Capital IQ has an Underweight ranking on HACK, with concerns about the valuation of many of the ETF’s holdings and the high 0.75% expense ratio. With an average daily volume of 1.1 million shares, HACK trades with a $0.04 bid/ask spread. HACK’s lack of a long-term record is not factor in our research,” said S&P Capital IQ in a new research note.

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. [New Highs for Cyber Security ETF]