Despite that slight difference, Alphabet makes up 7.85% of the fund, one which has an expense ratio of 0.60%. "Google already manages one of the largest networks of applications in the world (i.e. Chrome, Maps, YouTube, Gmail), and adding Apigee's technology to its Cloud Platform provides Google with a more compelling value proposition to prospective customers," Sebastian wrote in a note to clients. "As more companies look to move IT to the cloud given the cost/operational advantages, we believe a robust API management platform can be a differentiating feature for Google's Cloud offering, particularly given the secular trends in mobile apps."