Cloud computing is one of the fastest-growing corners of the technology universe, but as of today, there is only one exchange traded fund dedicated to the industry.

Global X is looking to change that. The New York-based ETF issuer recently filed plans for the Global X Cloud Computing ETF, which will target the the Indxx Global Cloud Computing Index.

“The Underlying Index is designed to provide exposure to exchange-listed companies that are positioned to benefit from the increased adoption of cloud computing technology, including but not limited to companies whose principal business is in offering computing Software-as-a-Service (“SaaS”), Platform-as-a-Service (“PaaS”), Infrastructure-as-a-Service (“IaaS”), managed server storage space and data center real estate investment trusts (“REITs”), and/or cloud and edge computing infrastructure and hardware (collectively, “Cloud Computing Companies”), as defined by Indxx LLC, the provider of the Underlying Index (“Index Provider”),” according to the Global X filing with the Securities and Exchange Commission (SEC).

With the SEC affected by the ongoing government shutdown, new ETFs are currently not being approved.

Competition

When the Global X Cloud Computing ETF debuts, it will established competition in the form of the First Trust ISE Cloud Computing Index Fund (NasdaqGM: SKYY).

SKYY tracks the ISE Cloud Computing Index, which “is a modified equal dollar weighted index designed to track the performance of companies actively involved in the cloud computing industry. To be included in the index, a security must be engaged in a business activity supporting or utilizing the cloud computing space, listed on an index-eligible global stock exchange and have a market capitalization of at least $100 million,” according to First Trust.

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