Cybersecurity
What the HACK ETF Suit Tells Us About the Cost of Running a Fund
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Running an exchange-traded fund doesn’t come cheap -- but the rewards are there for those who build something big.
That’s the takeaway for wannabe issuers from a lawsuit filed last week by Nasdaq Inc. regarding several funds, including HACK, a $1.1 billion cyber-security ETF. The exchange operator -- which in 2016 bought International Securities Exchange, the firm that helped develop HACK -- is suing a company that ran the fund’s day-to-day operations for breach of contract, among other complaints. The sponsor, PureShares LLC, sued that same company as well in May.