First Trust Advisors is planning to launch the First Trust ISE Cloud Computing exchange-traded fund on Nasdaq on Wednesday, which it says is the first ETF focused on cloud computing.

The fund is based on the ISE Cloud Computing Index, which was developed and is owned by International Securities Exchange.

“The ISE Cloud Computing Index reflects the evolution of technology infrastructure and provides new and dynamic opportunities for investors,” said Kris Monaco, head of product development at ISE. “We are very pleased to work again with First Trust on this unique exchange-traded fund focused on this rapidly expanding industry.”

Ryan Issakainen, senior vice president and ETF strategist at First Trust, added: “Cloud computing is projected to be one of the fastest-growing IT markets this year, according to IDC Research. As businesses and consumers continue to migrate to a cloud environment, we believe there are significant growth opportunities for the companies involved in all aspects of cloud computing. Forrester Research is projecting total public cloud revenues to go up 27% annually to reach nearly $160 billion by 2020, up from $15 billion in 2010.”