Starting an exchange-traded mutual fund is a little like launching a rocket. There are lots of different contractors and regulations. There are plenty of crashes.
Andrew Chanin, the 30-year-old founder of New York–based PureFunds, watched two of his first three ETFs fail before reaching Earth orbit. They liquidated because they couldn’t gather enough assets to cover expenses. A third fund barely made it aloft; it still has just $3.6 million in assets.
Chanin kept at it. In November, he launched the PureFunds ISE Cyber Security ETF (Symbol: HACK). By July, HACK had attracted $1.4 billion—one of the fastest ascents in ETF history. (On Aug. 25, after two days of turmoil in the market, it had $1.2 billion.)
James F. Booth
For more than 25 years, James Booth has provided consulting and legal services to telecommunications carriers and to enterprise companies that manage their own telecommunications networks. Since June of 2009 he has also served as General Counsel of Spread Networks, LLC, which is the industry leader in the construction and operation of low latency high speed networks. Before joining Spread he was General Counsel for OnFiber Communications, a competitive telecommunications provider, and was the sole attorney for Qwest Communications International in support of its construction of an 18,800 mile fiber optic network spanning the United States. Earlier he was lead counsel for U S WEST in its wireless and cable television ventures in the United States, Europe and Hong Kong.