This week in new products, ISE announced a First Trust cloud computing ETF and Goldman Sachs launched funds focused on India and Korea. Euro Pacific tapped Peter Schiff to run its new hard-assets fund, while John Hancock beefed up its lifetime withdrawal benefit and Van Eck launched a new ETF for China private equity with multiple share classes.
1) ISE Announces First Cloud Computing ETF from First Trust
The International Securities Exchange (ISE) announced Wednesday that First Trust Advisors has launched the First Trust ISE Cloud Computing Index Fund (SKYY), the first ETF that tracks companies involved in the emerging cloud computing industry, on NASDAQ.
The First Trust ISE Cloud Computing Index Fund is based on the ISE Cloud Computing Index (CPQ), a new benchmark for this growth sector that includes companies that are direct service providers for the cloud, firms that provide goods and services in support of the cloud computing space, and technology conglomerates whose business model uses or supports cloud computing technology.
According to ISE, Forrester Research projects total public cloud revenues to go up 27% annually, reaching close to $160 billion by 2020, up from $15 billion in 2010.
2) Goldman Sachs Launches India and Korea Equity Funds
On June 30, Goldman Sachs Asset Management launched the Goldman Sachs India Equity Fund (GIAAX), following the May 31 launch of the Goldman Sachs Korea Equity Fund (GWIAX). The portfolios seek to achieve long-term capital appreciation by investing primarily in local Indian and Korean equities.
The funds will be managed by local Goldman Sachs Asset Management International equity teams in Singapore. The funds are offered in A and C shares, both with $1,000 minimum initial investments, and they also offer institutional and IR shares.
3) Euro Pacific, Peter Schiff Launch New Hard Assets Fund
Euro Pacific Asset Management, a Newport Beach, Calif.-based asset manager affiliated with Peter Schiff's brokerage firm, Euro Pacific Capital, announced that Schiff and Jim Nelson will manage the new EuroPac Hard Asset Fund, which launched Friday.