Fidelity Cloud Computing ETF

Fidelity Cloud Computing ETF (FCLD) is an index fund. It tracks the Fidelity Cloud Computing Index, a rules-based basket of about 50 global companies in cloud infrastructure, cloud platforms and cloud software. Its 0.39% expense ratio is below the 0.51% average of similar cloud funds. As of June 30, 2026, its three largest holdings were data-storage makers Sandisk, Western Digital and Seagate. That hardware tilt sets it apart from software-focused funds such as IGV.

• Over the year to Oct 27, 2026, FCLD returned +46.9%, 1st of 7 among similar funds.
• Its 5-year annualized return was +11.4%.
• Its worst full calendar year was 2022 (-41.3%); its best was 2023 (+53.1%).
• The deepest fall in its price history was 50.9% (Nov 9, 2021 to Oct 14, 2022), recovered by Nov 11, 2024.

As of Jun 30, 2026, the fund held 50 securities; the ten largest made up 44.03% of assets. It also reported 4.85% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jun 30, 2026, investors added a net $546K (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +14.25%, +25.45%, -0.40%.

FCLD normally invests at least 80% of its assets in the stocks in the Fidelity Cloud Computing Index. That includes depositary receipts, which are certificates that represent shares of foreign companies. Fidelity built the index with its own rules. It looks for companies around the world, of any size, that earn money from three areas: cloud infrastructure, cloud platforms and cloud software. Candidates must also pass quality screens.

Companies are ranked by two things: market share, measured in dollar revenue, and a "thematic relevancy" score. The score combines revenue from cloud activities with natural language processing, which is software that scans company documents for relevant keywords. Two kinds of company make up 85% or more of the index: those earning more than half their revenue from cloud activities, and those with at least 5% market share. Other companies can be included but are generally capped at lower weights. Each stock is weighted by adjusted market value, with caps.

The fund mainly uses replication. That means it holds the index stocks in roughly the same weights, though it may not own every one. As of June 30, 2026, it held 50 stocks, and the top ten made up 44% of assets. It may also use derivatives. At that date it held one Nasdaq-100 futures contract, with a weight close to zero. Portfolio turnover was 39%.

• FCLD charges 0.39% a year, versus an average of 0.51% for the similar funds below (2nd of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).

It is a narrow, volatile theme fund that pays almost no income and fell by about half in its first big test.

FCLD launched in October 2021, so it has no record through the 2008 financial crisis or the 2020 COVID crash. Its first real test was the 2022 bear market. It fell 44.9% and did not recover until February 2024. It lost 41.1% in calendar 2022, its worst year. Its deepest drop was 50.9%, from November 2021 to October 2022, and it did not regain that peak until November 2024. Someone who had to sell shares in a year like that would lock in steep losses. The fund pays almost no income: the trailing 12-month yield was 0.01% as of October 27, 2026, and it pays once a year. Costs are modest for a theme fund. Under the SEC's standard $10,000 example, it would cost about $40 in the first year and $493 over ten years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.