PureFunds CEO Andrew Chanin Says Cybersecurity's Investment Floor Will Only Go Higher
Andrew Chanin is the President of PureFunds, which manages the PureFunds ISE Cyber Security ETF (NYSE: HACK). The ETF caught some nice bids following Wednesday's NYSE outage and United Continental Holdings Inc (NYSE: UAL) system malfunction. The executive spoke to Benzinga the day members of the HACK team rang the bell at NYSE.
He pointed out the difficulty investors face when they attempt to select individual cybersecurity stocks to buy. It's also difficult to price in the probability of catastrophic events, Chanin added.
That makes there no single "silver bullet protection" available to investors, which is why Chanin and his team created the HACK ETF.
When events like Wednesday happen, Chanin said it makes his firm's product an "immediate tactical play." In fact, shares are up nearly 2 percent on Thursday.
He, on the whole, remains bullish on the space. He expects the sector's investment floor to be lifted as investors realize the need not only for these firms' services, but to hedge their investment in other areas of the market.
According to Morningstar, the ETF's largest holdings at the end of last year were Intralinks Holdings Inc (NYSE: IL), Proofpoint Inc (NASDAQ: PFPT), Imperva Inc (NYSE: IMPV), Science Applications International Corp (NYSE: SAIC), Palo Alto Networks Inc (NYSE: PANW) and Splunk Inc (NASDAQ: SPLK).
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