First Trust, the Wheaton, Ill.-based money management firm behind the First Trust Dow Jones Internet Fund (NYSEArca: FDN), on July 6 is planning to launch an ETF focused on cloud computing, a growing piece of the world of technology.

The First Trust ISE Cloud Computing Index Fund will be listed on the Nasdaq under the symbol "SKYY," and will be based on the ISE Cloud Computing Index, according to information posted on the company's website. The fund will include companies actively involved in the cloud computing industry, according to a filing the company made with the Securities and Exchange Commission on April 20.

Cloud computing refers to computer users accessing many different servers to meet their needs, as opposed to using centralized computing resources. Companies such as Amazon with immense computing resources that go beyond their internal demands have become huge players in the quickly expanding world of cloud computing.

The ETF's top three holdings are Netflix Inc, at almost 4.5 percent; RightNow Technologies Inc, at 4.2 percent; and Open Text Corp. at 4.1 percent, according the fund's fact sheet on First Trust's website.

The proposed fund recalls the niche quality of the First Trust Nasdaq CEA Smartphone Index Fund (NasdaqGM:FONE) that the firm launched in February of this year. FONE has gathered $15.5 million in assets, according to data compiled by IndexUniverse.

The fund comes with an annual expense ratio of 0.60 percent, according to the company's website.