This fund proves that the industry’s demise at the hands of artificial intelligence has been somewhat exaggerated.
By Joel Weber and Eric Balchunas | Updated on Jun 11, 2026 at 03:54 PM
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Earlier this year, investors got hammered by the “SaaSpocalypse” (software-as-a-service for the uninitiated). As you may have heard, the rise of artificial intelligence has sparked fears that software companies would need fewer workers, sell fewer licenses and ultimately cease to be going concerns. Yet just a few months later, one little-known exchange-traded fund — with only $2.5 million in assets — is quietly suggesting that software’s death may have been slightly exaggerated.
On this new monthly episode of Trillions, in which we highlight an ETF of great interest, Eric Balchunas and Joel Weber speak with Bloomberg Intelligence ETF associate Andrey Yapp about a fund that’s having a moment: Themes Cloud Computing ETF (ticker CLOD). They discuss what makes its holdings interesting, how recent earnings challenged the AI-doom narrative and why such a tiny fund emerged as one worth watching.
Money goes where it’s treated best. That simple truth is a big reason why more and more money (trillions of dollars, in fact) flows into a powerful, low-cost tool that’s quietly transformed investing. Exchange-traded funds let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and hopefully delight you in the process.