Global X, an American subsidiary of Seoul-based Mirae Asset Global Investments Group, on Tuesday listed its exchange-traded fund (ETF) on Nasdaq to track the Global Cloud Computing Index.

The Global X Cloud Computing ETF, designed by Mirae Asset Financial Group founder Park Hyeon-joo, holds a basket of cloud computing-related companies that potentially benefit from continuing proliferation of cloud computing technology and services. The global cloud computing market is estimated to grow at a 14.6 percent compound average growth rate (CAGR) to $323 billion by 2022, according to Mirae Asset global Investment Group.

Cloud computing allows users to access to compute power, database storage, applications, and other IT resources. This cloud services platform with pay-as-you-go pricing is expected to play a pivotal role in the fourth industrial revolution.

The Global X Cloud Computing ETF (CLOU ETF) consists of 36 members whose revenue come mostly from cloud server, database storage and other cloud computing business such as Amazon, Google and MS.

It was last October that Park first mentioned the company’s development of the new ETF plan in internal broadcast to employees.

Global X CEO Luis Berruga expected the launch of the Global X Cloud Computing ETF would make it much easier for investors to invest the burgeoning cloud computing segment.

By Yoo Joon-ho and Minu Kim

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