At a glance
CLOD charges 0.35% a year, below the 0.51% average of the 8 funds most like it (the cheapest of 9). It has $2.5M in assets, the 9th largest of that group; it paid 1.33% of its price in distributions over the past 12 months, annual. Over the past year it returned +1.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds. Its ten largest positions make up 47.2% of the fund, out of 51 in all.
The short version
Themes Cloud Computing ETF (CLOD) is an index fund tracking the Solactive Cloud Computing Index: about 50 cloud and software companies from developed countries, led by Palo Alto Networks, CrowdStrike and AppLovin as of June 30, 2026. Its 0.35% annual expense ratio is below the 0.51% average of eight funds with overlapping holdings. The trade-offs: it held only about $2.5 million in net assets on that date, and its software focus makes it volatile.
Price history
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CLOD +1.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CLOD official prospectus, to Dec 31, 2025 | — | +7.26% | — | — | — | +14.59% |
| CLOD price data to Oct 27, 2026 | +11.1% | +1.1% | — | — | — | +13.9% |
- Over the year to Oct 27, 2026, CLOD returned +1.1%, 7th of 9 among similar funds.
- Its worst full calendar year was 2025 (+7.5%); its best was 2024 (+21.0%).
- The deepest fall in its price history was 31.4% (Sep 22, 2025 to Mar 27, 2026), recovered by Aug 27, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.1% | — |
| 2025 | +7.5% | +7.26% |
| 2024 | +21.0% | +21.62% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4800 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 47.23% of assets.
| Holding | Weight | |
|---|---|---|
| Palo Alto Networks Inc | 7.52% | |
| Crowdstrike Holdings Inc | 7.12% | |
| AppLovin Corp | 5.02% | |
| Alphabet Inc | 4.14% | |
| Cadence Design Systems Inc | 4.12% | |
| ServiceNow Inc | 4.09% | |
| Oracle Corp | 3.92% | |
| Fortinet Inc | 3.81% | |
| Amazon.com Inc | 3.77% | |
| Microsoft Corp | 3.72% | |
| SAP SE | 3.47% | |
| Snowflake Inc | 3.38% | |
| Salesforce Inc | 3.38% | |
| Synopsys Inc | 3.36% | |
| Datadog Inc | 3.30% |
By country
United States 86.53%Netherlands 4.37%Germany 3.47%Uruguay 3.21%Sweden 0.68%By asset type
Stocks 99.72%By sector
Sectors of the companies held, for the 77.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $592K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.64%, +20.69%, -7.78%.
How it works
As an index fund, CLOD aims to match the Solactive Cloud Computing Index, before fees, rather than beat it. Solactive AG, which is independent of the fund's adviser, Themes Management Company, LLC, starts with developed-market stocks in its broader digital infrastructure index. It keeps companies that FactSet's industry system places in six software groups, such as digital security, data infrastructure and internet infrastructure software. The largest companies in each group, ranked by free-float market value (the value of shares available to public investors), become eligible, and the top 50 make up the index.
Stocks are weighted by size, but each is capped at 4.5% when the index is reset, with the excess shared among smaller members. Resets happen four times a year, on the first Wednesday of February, May, August and November. In between, rising stocks can outgrow the cap: as of June 30, 2026, Palo Alto Networks made up 7.5% of the fund and CrowdStrike 7.1%.
The fund generally holds every index stock in the same proportions and does not retreat to cash or other defensive holdings when markets fall. It used no leverage and held no derivatives as of June 30, 2026, when 86.5% of assets sat in US companies. Portfolio turnover, the share of holdings replaced in a year, was 15%, according to the prospectus.
What it really costs
- CLOD charges 0.35% a year, versus an average of 0.51% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CLOD | $36 | $113 | $197 | $443 |
In a retirement portfolio
It is a narrow, volatile index of about 50 software and cloud stocks, better suited to a small side position than to the center of a portfolio.
CLOD adds targeted exposure to cloud, cybersecurity and data software, but its record is short. Launched December 15, 2023, it did not exist during the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its worst full calendar year, 2025, still gained 7.26%, yet calendar-year figures hide a 31.4% drop from September 22, 2025, to March 27, 2026. It recovered about five months later. Anyone withdrawing near that low would have cashed out nearly a third below the peak.
Income is modest: CLOD pays dividends once a year, and a year's worth equaled 1.33% of its price as of October 27, 2026. The 0.35% annual expense ratio, below the 0.51% average of similar funds, comes to $443 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting low-cost cloud software exposure: CLOD's 0.35% expense ratio is below the 0.51% average of eight funds with overlapping holdings.
- Long-term investors wanting a small side holding next to a broad core fund, with big stakes in Palo Alto Networks, CrowdStrike and Fortinet.
- Those preferring spread-out weights: the index caps each stock at 4.5% at quarterly resets, so Microsoft held just 3.7% as of June 30, 2026.
Look elsewhere if
- Investors wary of closure risk: CLOD had about $2.5 million in net assets as of June 30, 2026, the smallest of nine comparable funds.
- Anyone who may need cash on short notice: CLOD fell 31.4% from September 2025 to March 2026 before recovering by August 2026.
- Income seekers: dividends come once a year, and the past year's payout equaled 1.33% of the share price as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CLOD this fund | — | 0.35% | $2.5M | +1.1% | — |
| IGV iShares Expanded Tech-Software Sector ETF | 62% | 0.41% | $13.54B | -11.8% | +13.8% |
| XDAT Franklin Exponential Data ETF | 42% | 0.5% | $3.7M | -4.2% | +16.8% |
| SKYY First Trust Cloud Computing ETF | 31% | 0.6% | $2.72B | +21.8% | +34.0% |
| CIBR First Trust NASDAQ Cybersecurity ETF | 31% | 0.59% | $13.84B | +25.8% | +29.6% |
| FCLD Fidelity Cloud Computing ETF | 30% | 0.4% | $110.4M | +46.9% | +36.5% |
| XAIX Xtrackers Artificial Intelligence and Big D… | 30% | 0.35% | $173.4M | +31.0% | — |
| QTEC First Trust NASDAQ-100 Technology Sector In… | 27% | 0.57% | $4.99B | +27.5% | +30.9% |
Questions investors ask
What stocks are in the CLOD ETF?
CLOD held 51 stocks as of June 30, 2026, mostly cloud, cybersecurity and data software companies. The largest were Palo Alto Networks (7.5%), CrowdStrike (7.1%) and AppLovin (5.0%). Next came Alphabet, Cadence Design Systems and ServiceNow at about 4.1% each, then Oracle, Fortinet, Amazon and Microsoft. The top 10 made up about 47% of assets. About 86.5% was in US companies, with smaller stakes in the Netherlands, Germany, Uruguay, Sweden and France.
What's the difference between CLOD and IGV?
The biggest differences are size and cost. IGV, the iShares Expanded Tech-Software Sector ETF, had about $13.5 billion in net assets as of June 30, 2026, versus about $2.5 million for CLOD. It charges 0.41% a year versus CLOD's 0.35%. Their holdings overlapped by about 62%, the highest of the eight similar funds compared. Over one year, CLOD returned 1.1% through October 27, 2026, while IGV lost 8.5% through October 30, 2026.
Is CLOD cheaper than SKYY?
Yes. CLOD's expense ratio, the yearly fee deducted from fund assets, is 0.35%. That compares with 0.60% for the First Trust Cloud Computing ETF (SKYY) and 0.40% for the Fidelity Cloud Computing ETF (FCLD). On $10,000, the SEC's standard example puts CLOD's cost at $36 for one year and $443 over 10 years, assuming 5% annual returns. Lower cost hasn't meant higher returns: over one year through October 27, 2026, SKYY returned 21.8% and FCLD 46.9%, versus 1.1% for CLOD. Their holdings overlap by only about 30%.
Does CLOD pay dividends?
Yes, but the payout is small and comes once a year. CLOD paid $0.48 per share over the year to October 27, 2026, a yield of 1.33% based on its share price. The money comes from dividends paid by the companies it holds, so the amount can change from one year to the next. For investors who depend on regular portfolio income, it would play only a minor role.
How risky is the CLOD ETF?
CLOD carries more risk than a broadly diversified stock fund because it concentrates on about 50 software and cloud companies. Its annualized volatility, a measure of how widely returns swing, was 28.7% over the year to October 27, 2026. Its deepest drop was 31.4%, from September 22, 2025, to March 27, 2026, and recovery took about five months. Size is another risk: with about $2.5 million in net assets as of June 30, 2026, it is very small, and small ETFs are more likely to close.