CLOU vs SKYY: Grades, Fees and Holdings Compared

Global X Cloud Computing ETF

CLOUDNasdaq

First Trust Cloud Computing ETF

SKYYBNasdaq

Overlap

32.0%by weight

Expense ratio

SKYY −0.08pt a year

CLOU0.68%SKYY0.60%

Avg volume · 30D

CLOU 1.4×the volume

CLOU368KSKYY255K

5Y return · a year

SKYY +9.3pt

CLOU−2.1%SKYY+7.2%

CLOU vs SKYY Performance

Oct 29, 2021 – Oct 30, 2026

−9.9%CLOU+41.6%SKYY

Expense ratio: CLOU 0.68%; SKYY 0.60%, better
Fund size: CLOU $399M; SKYY $3.31B
1Y total return: CLOU +16.3%, better; SKYY +12.1%
Yield (12M): CLOU 0.00%; SKYY 0.00%
Holdings: CLOU 38; SKYY 66
Avg volume (30D): CLOU 368K sh, better; SKYY 255K sh
NAV per share: CLOU $28.06; SKYY $159.91
52W range

ETF.net Grade

Pillar letters and Scores for CLOU, SKYY, with each pillar’s weight
Pillar	CLOU	SKYY
Cost30% weight	F17	D35Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C41	B58Higher
Tradability15% weight	C50	A88Higher
Holdings10% weight	C41	A74Higher
Durability5% weight	A71	A85Higher

Rank among Cloud & Software funds

How we build Categories ›

Same Category. CLOU and SKYY are both graded against the same 5 Cloud & Software funds, so their Grades compare head to head.

Cloud & Software⁠

Category · 5 funds

See all 5 ›

SKYY ranks 2nd and CLOU 5th of 5 funds in the Cloud & Software Category.

Rank 1BFCLDFidelity Cloud Computing ETFScore 60
Rank 2BSKYYFirst Trust Cloud Computing ETFScore 58
Rank 3BWCLDWisdomTree Cloud Computing FundScore 57
Rank 4CCLODThemes Cloud Computing ETFScore 40
Rank 5DCLOUGlobal X Cloud Computing ETFScore 35

Our read on each fund

ETF.net Research

CLOUDGlobal X Cloud Computing ETF

SKYYBFirst Trust Cloud Computing ETF

In short

CLOU Most cloud funds buy the software. CLOU also buys the buildings: its index reaches SaaS, PaaS and IaaS names plus data-center REITs and edge hardware, in a compact global basket. The wider net comes at a premium fee.

SKYY The veteran cloud play. SKYY has tracked the ISE CTA Cloud Computing Index since 2011, bundling roughly 60 companies that rent out computing power instead of selling boxes.

Stated mandate

CLOU The fund seeks to track, before fees and expenses, the Indxx Global Cloud Computing Index. The index covers companies positioned to benefit from cloud adoption through SaaS, PaaS, IaaS, managed storage, data-center REITs, and cloud or edge infrastructure and hardware.

SKYY The Fund seeks results generally corresponding, before fees and expenses, to the price and yield of the ISE CTA Cloud ComputingTM Index. The index is designed to track companies involved in the cloud computing industry.

Why people hold it

CLOU The index spans SaaS, PaaS and IaaS plus managed storage, data-center REITs and cloud or edge infrastructure and hardware, so you hold the cloud's landlords alongside its tenants.globalxetfs.com
Global mandate, not US-only, so cloud names listed outside the States can make the cut.globalxetfs.com
Live since 2019 and built around roughly 40 stocks: a multi-year record rather than a backtest, in a basket tight enough that each name matters.

SKYY Trading since 2011, so its live record spans full market cycles instead of one hot stretch for the theme.
A multi-billion-dollar fund that changes hands regularly, which generally means ordinary-size orders find a market without drama.
Rules-based index, roughly 60 names: wide enough to spread the bet across cloud providers and users, tight enough to still feel like a theme.
Sits in the upper half of its cloud-software peer group on our review.

Worth knowing

CLOU At 0.68% a year, this is the expensive lane to the theme. The cloud group's median is 0.49%, and CLOD (0.35%) and FCLD (0.39%) sit well underneath.
The REIT and hardware sleeves trade on different drivers than software, so CLOU can drift from pure-software cloud funds in either direction.
On our review it sits in the back of the cloud pack, mostly on cost, with FCLD, WCLD and SKYY rating higher.

SKYY At 0.60% a year it runs above the cloud cohort's median fee, and above FCLD (0.39%) and WCLD (0.45%).
Not an income vehicle: distributions have not been part of the recent picture, so the whole story is price.
One theme, roughly 60 mostly-tech stocks. It swings harder than a broad market fund, in both directions.

Full CLOU profile⁠

Full SKYY profile⁠

CLOU vs SKYY Holdings

As of Oct 13, 2026

How CLOU and SKYY differ

Overlap by weight

32.0%

Shared holdings make up 85.7% of CLOU and 44.0% of SKYY.

Level by level

Holdings26 in both32.0%
Sector5 Sectors92.6%
Countryby domicile95.5%
Asset classEquity100%

Sector

Sector weights in CLOU and SKYY, widest gap first
Sector	More in CLOUMore in SKYY	CLOU	SKYY
Technology	CLOU +5.1 points	92.9%	87.8%
Communication	SKYY +5.0 points	3.3%	8.3%
Real Estate	CLOU +2.4 points	2.4%	0.0%
Consumer Discretionary	SKYY +1.8 points	1.5%	3.3%
Health Care	SKYY +0.6 points	0.0%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in CLOU and SKYY, widest gap first
Country	More in CLOUMore in SKYY	CLOU	SKYY
United States	SKYY +3.4 points	92.9%	96.3%
Sweden	CLOU +2.1 points	2.1%	0.0%
Canada	CLOU +1.4 points	3.9%	2.5%
Germany	SKYY +1.2 points	0.0%	1.2%
China	CLOU +0.9 points	0.9%	0.0%
Japan	CLOU +0.2 points	0.2%	0.0%

Concentration

Weight in the 10 largest Holdings

CLOU50.1%
SKYY34.0%

Securities held

CLOU38
SKYY65

Asset class

CLOU: Equity
SKYY: Equity

Holdings

Only in CLOU12
In both26
Only in SKYY39

Only in CLOU

12 securities, 14.3% of CLOU by weight

Procore Technologies Inc2.75%
Digital Realty Trust Inc2.48%
Sinch Ab2.02%
Freshworks Inc-Cl A1.97%
Sps Commerce Inc1.82%
C3.AI Inc-A0.96%
Vnet Group Incorporation0.86%
Yext Inc0.50%
Pubmatic Inc-Class A0.41%
Oracle Corp Japan0.24%
Alibaba Group Holding-Sp Adr0.21%
Kingsoft Cloud Holdings-Adr0.12%

Only in SKYY

39 securities, 55.9% of SKYY by weight

Everpure, Inc. (Class A)4.86%
Nutanix, Inc. (Class A)3.49%
Arista Networks, Inc.3.07%
Netskope, Inc. (Class A)2.82%
Rubrik, Inc. (Class A)2.37%
Lumen Technologies, Inc.2.31%
MongoDB, Inc.2.31%
Cisco Systems, Inc.2.24%
RingCentral, Inc. (Class A)2.08%
GitLab Inc. (Class A)2.07%
SentinelOne, Inc. (Class A)2.02%
CoreWeave, Inc. (Class A)1.92%
NetApp, Inc.1.91%
Hewlett Packard Enterprise Company1.88%
Atlassian Corporation (Class A)1.76%
Dell Technologies Inc. (Class C)1.65%
ServiceTitan, Inc. (Class A)1.53%
Adobe Incorporated1.52%
Applovin Corp. (Class A)1.30%
Sap SE (Adr)1.26%
Appian Corporation1.09%
DocuSign, Inc.0.74%
Blackbaud, Inc.0.66%
Veeva Systems Inc. (Class A)0.65%
Asana, Inc. (Class A)0.65%
CrowdStrike Holdings, Inc. (Class A)0.64%
Paylocity Holding Corporation0.63%
Open Text Corporation0.63%
Q2 Holdings, Inc.0.61%
BlackLine, Inc.0.60%
Elastic N.V.0.59%
Klaviyo, Inc. (Class A)0.58%
Palo Alto Networks, Inc.0.57%
Intuit Inc.0.56%
Toast, Inc. (Class A)0.55%
AppFolio, Inc. (Class A)0.54%
The Trade Desk, Inc. (Class A)0.53%
Figma, Inc. (Class A)0.47%
Rackspace Technology, Inc.0.24%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in CLOU and SKYY, widest gap first
Holding	More in CLOUMore in SKYY	CLOU	SKYY
Snowflake IncSNOW	CLOU +6.75 points	7.30%	0.55%
Datadog Inc - Class ADDOG	CLOU +5.42 points	6.01%	0.59%
Paycom Software IncPAYC	CLOU +4.47 points	5.13%	0.66%
Zscaler IncZS	CLOU +4.03 points	4.78%	0.75%
Twilio Inc - ATWLO	CLOU +3.73 points	5.28%	1.55%
Intl Business Machines CorpIBM	SKYY +3.71 points	0.21%	3.92%
Workday Inc-Class AWDAY	CLOU +3.66 points	4.25%	0.59%
Qualys IncQLYS	CLOU +3.38 points	4.09%	0.71%
Servicenow IncNOW	CLOU +3.13 points	4.39%	1.26%
Oracle CorpORCL	SKYY +2.81 points	0.31%	3.12%
Dropbox Inc-Class ADBX	CLOU +2.71 points	3.32%	0.61%
Cloudflare Inc - Class ANET	CLOU +2.55 points	4.73%	2.18%
Box Inc - Class ABOX	CLOU +2.24 points	2.96%	0.72%
Zoom Communications IncZM	CLOU +2.20 points	2.79%	0.59%
Shopify Inc - Class ASHOP	CLOU +2.19 points	4.09%	1.90%
Salesforce IncCRM	CLOU +2.09 points	3.67%	1.58%
Amazon.com IncAMZN	SKYY +1.93 points	1.36%	3.29%
Microsoft CorpMSFT	SKYY +1.83 points	1.83%	3.66%
Alphabet Inc-Cl AGOOGL	SKYY +1.66 points	1.27%	2.93%
Wix.com LtdWIX	CLOU +1.34 points	2.38%	1.04%
Hubspot IncHUBS	CLOU +1.19 points	2.79%	1.60%
Digitalocean Holdings IncDOCN	CLOU +0.89 points	3.77%	2.88%
Akamai Technologies IncAKAM	CLOU +0.71 points	2.73%	2.02%
Fastly Inc - Class AFSLY	CLOU +0.61 points	2.41%	1.80%
Workiva IncWK	CLOU +0.38 points	2.24%	1.86%
FIVE9 IncFIVN	SKYY +0.02 points	1.59%	1.61%

All 38 CLOU holdings⁠All 65 SKYY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CLOU vs SKYY Cost

Overpaying CLOU vs SKYY

$1,435

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CLOU 0.68%
$13,252
SKYY 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

CLOU 0.68%
SKYY 0.60%
Overpaying

Year by year

Year	CLOU	SKYY	Overpaying
10	$1,215	$1,076	$139
20	$4,633	$4,116	$517
30	$13,252	$11,817	$1,435

Expense ratio

0.68%CLOU
0.60%SKYY, cheaper

SKYY0.60%CLOU0.68%

0.35%0.68%

Middle half of Cloud & Software funds
Median 0.45%

SKYY 4th cheapest of 5 funds

CLOU 5th cheapest of 5 funds

CLOU vs SKYY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CLOU 0.00%; SKYY 0.00%
Payout (12M): CLOU None; SKYY None

Distribution history

Per share, 2013 to 2022, same scale for both

CLOU2 paymentsAll CLOU payments⁠

SKYY35 paymentsAll SKYY payments⁠

CLOU vs SKYY Risk

Fall from peak · 5 years

CLOU
SKYY

Risk facts

VolatilityStd dev, 3 years: CLOU 26.3%SKYY 26.3%
Return per unit of riskSharpe ratio, 3 years: CLOU 0.53SKYY 0.96, better
Worst fallMax drawdown, 5 years: CLOU −53.8%SKYY −53.2%, better
Market sensitivityBeta, 5 years: CLOU 1.08SKYY 1.27; Market = 1

CLOU and SKYY in the news

All news⁠

Deep Dive
Chip funds rose 2.5% as software ETFs fell 4.5%
Sep 5, 2026SKYY

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CLOU vs SKYY

In short

Stated mandate

Why people hold it

Worth knowing

How CLOU and SKYY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLOU

Only in SKYY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Chip funds rose 2.5% as software ETFs fell 4.5%

How CLOU and SKYY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CLOU

Only in SKYY

Weight gaps