About SKYY ETF
First Trust Cloud Computing ETF (SKYY) tracks the performance of companies involved in the cloud computing industry.
The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the ISE CTA Cloud Computing™ Index.
To be included in the index, a security must be classified as a Cloud Computing company by the Consumer Technology Association (CTA) and meet the following criteria:
- Minimum market capitalization of $500 million;
- Minimum free float of 20%;
- Minimum three-month average daily dollar trading volume (ADDTV) of $5 million.
Each security is then classified according to the following three business categories:
- Infrastructure-as-a-Service (IaaS): Companies that deliver cloud computing infrastructure - servers, storage, and networks - as an on-demand service.
- Platform-as-a-Service (PaaS): Companies that deliver a platform for the creation of software in the form of virtualization, middleware, and/or operating systems, which is then delivered over the Internet.
- Software-as-a-Service (SaaS): Companies that deliver software applications over the Internet enabling other companies to conduct their operations using the application.