The Evolve Cyber Security Index ETF (TSX:CYBR) was up 1.36% in early afternoon trading on June 8. Shares of the ETF are up 17.3% in 2018 so far. Let’s dive into its top holdings.
Information technology is heavily weighted at over 97% in the portfolio, with telecommunications services making up a little over 1.5%. The top holding in the ETF is F5 Networks Inc. (NASDAQ:FFIV), a Seattle-based company that specializes in application delivery networking (ADN) for the delivery of web applications as well as security, performance, and other network and cloud resources. Its enterprise security is designed to protect customers form complex threats.
The second top holding is Akamai Technologies Inc. (NASDAQ:AKAM). Akamai is a Cambridge-based content delivery network and cloud service provider. In the first quarter of 2018 Akamai reported that its web division revenue was up 16% year-over-year to $353 million. Cloud Security Solutions surged 36% from Q1 2017 to $149 million.
The third largest holding that we will cover today is Fortinet Inc. (NASDAQ:FTNT). Fortinet develops and markets cybersecurity software, appliances, and services. The stock is up 40.7% in 2018 so far. In the first quarter revenue rose 17% year-over-year to $399 million and it posted diluted net income per share of $0.24.
Cybersecurity is a growing priority for the public and private sector, and spending is expected to grow steadily into the next decade. Evolve Cyber Security has been one of the best performing ETFs on the TSX in 2018, and investors should consider adding it even at its current price today.
This article provided by NewsEdge.