Here’s a Top Cyber Security ETF to Consider Today

The cyber security sector has enjoyed strong growth in the past several years. Cyber security breaches have led to hundreds of millions of dollars in damage for public and private sector entities. Back in September 2017, Equifax suffered a data breach that exposed the personal information of 147 million people. This led to a global settlement worth more than $400 million. In early March, a mass cyber attack affected millions of Microsoft clients around the world. This impacted over 60,000 private companies.

Grand View Research released a report on the cyber security market in April 2021. It projected that the global cyber security market would achieve a CAGR of 10% from 2021 through 2028.

Public and private entities will need to commit more resources to bolster their cyber security in the years ahead. Canadians who want access to this lucrative market should consider the Evolve Cyber Security ETF (TSX:CYBR). Shares of this ETF have climbed marginally in 2021 as of close on April 22. However, the ETF has surged 61% from the prior year.

This ETF seeks to replicate the performance of the Solactive Global Cyber Security Index Canadian Dollar Hedged. It has achieved a cumulative return of 128% since its inception. The top holdings in this ETF are Okta, CrowdStrike, and Palo Alto Networks. Okta is a very exciting stock operating in this space. The company recently acquired Auth0 for $6.5 billion, absorbing a top competitor. Meanwhile, CrowdStrike and Palo Alto are two heavyweights that have won big public and private sector contracts in recent years.