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Evolve Funds Group Inc. is looking to profit from the work-from-home trend with the country’s first cloud computing ETF.

The ETF manufacturer filed a preliminary prospectus with Canadian securities regulators last week for the Evolve Cloud Computing Index Fund (ticker: DATA).

“Cloud computing was moving at a rapid pace pre-Covid, and has now accelerated even further, particularly with widespread work from home mandates and the increasing need for secure, reliable technology infrastructure,” said Evolve ETFs president and CEO Raj Lala in a release.

The fund looks to replicate the performance of the Solactive Global Cloud Computing index (Canadian dollar hedged). The index selects the top 50 securities from developed markets based on market capitalization, with exposure to each capped at 7.5%, the release said.

Cloud computing and other technology stocks have soared this year as people around the world have stayed home for work and entertainment. In September, Evolve launched the Evolve Future Leadership Fund, an actively managed ETF that invests in cloud computing and other growth sectors.

With positive news about Covid-19 vaccines, some investors are monitoring a shift away from tech-powered growth stocks in favour of value stocks.

Lala said in the release that cloud computing would endure beyond the pandemic.

“Even with the introduction of a vaccine, industry growth is not expected to slow down, as flexible and safe ways of doing business will always be a necessity,” he said.