The list of companies held in the ETF has grown over time, but it's interesting to note that the top 10 holdings represent an interesting cross section of the industry that covers IaaS, PaaS and SaaS companies and service providers as well as hardware manufacturers. Interestingly, Alphabet (the GOOG parent holding company) sits at number 3 and Red Hat (the only software company that markets a cloud platform, OpenStack) rounds out the top 5.
Total Number of Holdings: 36
| Security Name | Identifier | Classification | Weighting  |
| Equinix, Inc. | EQIX | Real Estate Investment Trusts (REITs) | 4.36% |
| SAP SE (ADR) | SAP | Software | 4.20% |
| Alphabet Inc. (Class A) | GOOGL | Internet Software & Services | 3.97% |
| Zynga Inc. | ZNGA | Software | 3.97% |
| Red Hat, Inc. | RHT | Software | 3.96% |
| F5 Networks, Inc. | FFIV | Communications Equipment | 3.93% |
| Facebook, Inc. (Class A) | FB | Internet Software & Services | 3.92% |
| EMC Corporation | EMC | Technology Hardware, Storage & Peripherals | 3.87% |
| NetSuite Inc. | N | Software | 3.87% |
| salesforce.com, inc. | CRM | Software | 3.87% |
| Cisco Systems, Inc. | CSCO | Communications Equipment | 3.84% |
| Open Text Corporation | OTEX | Software | 3.83% |
| Oracle Corporation | ORCL | Software | 3.80% |
| Amazon.com, Inc. | AMZN | Internet & Catalog Retail | 3.77% |
| Juniper Networks, Inc. | JNPR | Communications Equipment | 3.72% |
| Akamai Technologies, Inc. | AKAM | Internet Software & Services | 3.68% |
| Netflix, Inc. | NFLX | Internet & Catalog Retail | 3.66% |
| VMware, Inc. | VMW | Software | 3.61% |
| Teradata Corporation | TDC | IT Services | 3.48% |
| NetApp, Inc. | NTAP | Technology Hardware, Storage & Peripherals | 3.25% |
| Rackspace Hosting, Inc. | RAX | Internet Software & Services | 3.24% |
| International Business Machines Corporation | IBM | IT Services | 2.57% |
| Microsoft Corporation | MSFT | Software | 2.56% |
| Hewlett Packard Enterprise Company | HPE | Technology Hardware, Storage & Peripherals | 2.39% |
| Apple Inc. | AAPL | Technology Hardware, Storage & Peripherals | 2.29% |
| Brightcove Inc. | BCOV | Internet Software & Services | 1.30% |
| CA, Inc. | CA | Software | 0.94% |
| Adobe Systems Incorporated | ADBE | Software | 0.92% |
| Intuit Inc. | INTU | Software | 0.92% |
| j2 Global, Inc. | JCOM | Internet Software & Services | 0.92% |
| Wipro Ltd. (ADR) | WIT | IT Services | 0.90% |
| Activision Blizzard, Inc. | ATVI | Software | 0.89% |
| Check Point Software Technologies Ltd. | CHKP | Software | 0.86% |
| Polycom, Inc. | PLCM | Communications Equipment | 0.81% |
| NetScout Systems, Inc. | NTCT | Communications Equipment | 0.80% |
| EVS Broadcast Equipment S.A. | EVS.BB | Communications Equipment | 0.38% |
As an ETF, we do expect that the equity mix is more than likely based on growth opportunity of the stock, company and product line/sales than on fidelity to the cloud paradigm. The usual suspects in cloud are found in the rest of the list
But, (I can't resist!) it's interesting to see that there are a couple of companies represented in the list that appear to offer "services in the cloud" rather than actual IaaS, PaaS or SaaS services. While it is possible that their offerings are actually SaaS, but they do seem to rely on marketing to brand their services/products as "cloud".