Why You Should Buy This Cyber Security ETF on the Dip

(MENAFN- Baystreet.ca) Why You Should Buy This Cyber Security ETF on the Dip Cyber attacks have picked up in volume and intensity in recent years. This has impacted the public and private sector. The Equifax data breach in 2017 exposed the private records of over 150 million U.S., British, and Canadian citizens. In January 2020, analysts estimated that the breach would cost Equifax north of $1.3 billion.

These attacks are incredibly damaging, which is why private and public sector organizations are investing big in cyber security. This April, Grand View Research released a market report on this space. It projected that the global cyber security market would register a CAGR of 10.9% from 2021 to 2028.

Investors who are seeking broad exposure to the cyber security space should consider the Evolve Cyber Security ETF (TSX:CYBR). This ETF seeks to replicate the performance of the Solactive Global Cyber Security Index Canadian Dollar Hedged. Shares of this ETF were down 2.75% in mid-afternoon trading on September 20. However, it is still up 9.1% in the year-to-date period.

The ETF is heavily weighted in U.S. and Israeli companies. This should not come as a huge surprise, given their respective leadership position in this space. The top holding in this fund is Palo Alto Networks (NYSE:PANW), a California-based cybersecurity company. The next two largest holdings are two more U.S. cyber security giants; Zscaler (NASDAQ:ZS) and Fortinet (NASDAQ:FTNT). This ETF offers investors a great opportunity to track the performance of the top cyber security companies around the world. It is worth buying on the dip right now.

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