Legal & General Investment Management (LGIM) has cut fees on its cybersecurity ETF after gathering $2.9bn assets under management (AUM) since its launch in 2015.

The L&G Cyber Security UCITS ETF (ISPY) has seen its total expense ratio (TER) reduced by six basis points from 0.75% to 0.69% in the first fee cut in six years.

Howie Li, head of ETFs at LGIM, said: "We can confirm that the TER on ISPY has been reduced.

"Further efficiencies have been recently implemented and these have in turn been passed onto clients. We are constantly analysing our different fund ranges against a number of measures to ensure they provide value for money for our clients."

IPSY has continued its impressive asset gathering track record over 2021, raking in $456m so far this year, according to data from ETF Logic, taking it close to the $3bn AUM milestone.

Tracking Nasdaq’s ISE Cyber Security UCITS index, ISPY has returned 20.9% and 70.6% over one and three years, respectively.

The index has a large weighting to US stocks at 80.2% while 88.7% are weighted to the technology sector.

Despite the cut, the ETF is still one of the more expensive in the space.

The $4.7bn First Trust Nasdaq Cybersecurity ETF (CIBR), launched in the same year, has a TER of 0.60% while the $1.3bn iShares Digital Security UCITS ETF (LOCK) and the considerably smaller $43m WisdomTree Cybersecurity UCITS ETF (W1TB) have TERs of 0.40% and 0.45%, respectively.

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