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HACK Manager Hits Back at Nasdaq, Escalating Dispute Over ETF

Jan. 26, 2018, 8:56 PM

A nine-month battle over who owns one of the hottest exchange-traded funds in the U.S. intensified recently when the manager of HACK, a $1.2 billion cybersecurity ETF, brought claims against Nasdaq Inc. in New York federal court.

ETF Managers Group, the adviser to the ETFMG Prime Cyber Security ETF, accused Nasdaq of favoring the interests of CIBR, a competing fund for which the exchange also provided an index, over those of HACK, court filings show. It also said Nasdaq breached a wholesaling agreement, among other things, and asked the court to award damages.

It’s a sign that the months-long fight ...