First Trust has listed a cloud computing Ucits ETF on the Italian Stock Exchange, giving access for local trading and expanding the reach of this fund to the growing Italian ETF market.
First Trust Cloud Computing Ucits ETF (FSKY) tracks the ISE CTA Cloud Computing™ Index. The fund had been launched on the LSE in December 2018 and will be listed on the Italian Stock Exchange (Borsa Italiana) on the 6 March 2020.
The ISE Cloud Computing Index is a modified market capitalisation weighted index, designed to track the performance of companies actively involved in the cloud computing industry. The Index is a comprehensive and rules-based, designed to measure the performance of companies engaged in a business activity in the cloud computing industry.
According to the company, cloud technology - which is an efficient method of storing, accessing, and syncing data and software through the internet,- seeks to offer businesses faster innovation, flexible resources and economies of scale while allowing easy access to information to anywhere with an internet connection.
Gregg Guerin, First Trust Senior Product Specialist said: "Since launching FSKY on the London Stock Exchange in December, we have seen substantial interest from advisers and wealth managers alike, seeking ways to offer efficient strategies to meet the growing demand for the global public cloud market.
"Cloud company, Oracle, suggests that currently only 20% of enterprise computing is in the cloud, and with Gartner forecasting that Public Cloud Services Revenue will grow from $227.8bn (November 2019) to $354.6bn by 2020, we believe the cloud offers a great pure play, clear-cut growth opportunity."
Silvia Bosoni from Borsa Italiana commented: "We are delighted to welcome the new ETF of First Trust, innovative firm renowned in the factor-based ETF market, that today lists its FSKY on Borsa Italiana's ETF-plus market, confirming the continuous growth of ETF-plus in the international economic landscape."