Overview
The emerging cloud-software universe, equal-weighted — 67 fast-growing SaaS companies selected by the BVP Nasdaq Emerging Cloud Index, where Okta, GitLab and Braze all carry the same weight as the next name on the list.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| OKTA | Okta, Inc. | 2.16% |
| NTSK | Netskope, Inc. | 2.10% |
| BRZE | Braze, Inc. | 2.05% |
| PD | PagerDuty, Inc. | 1.93% |
| GTLB | GitLab Inc. | 1.86% |
| DOCU | DocuSign, Inc. | 1.84% |
| TEAM | Atlassian Corp. | 1.84% |
| DT | Dynatrace, Inc. | 1.83% |
| VEEV | Veeva Systems | 1.81% |
| ZS | Zscaler, Inc. | 1.78% |
Fund Details
Investment Thesis
The deepest rate-cycle casualty in software, finally turning: WCLD's equal-weighted book of emerging SaaS names fell over 50% in 2022 when discount rates repriced growth, then spent three years consolidating while the companies themselves kept compounding revenue. Now the trade is back — +43% in three months and +12% in a single week — as rate-cut expectations and AI-driven software spending reach the mid-cap names the mega-cap rally skipped. Equal weighting is the point: Bessemer's index gives the next Datadog the same slot as the current one, so a broadening software rally pays WCLD before it pays the giants.
Who It's For
Thematic growth investors who want the recovery leg of cloud software — the smaller, faster-growing names rather than Microsoft's cloud division. A momentum satellite position with real volatility in both directions, sized accordingly.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | $25.55 | -- |
| 2020 | $53.58 | +109.7% |
| 2021 | $51.86 | -3.2% |
| 2022 | $25.08 | -51.6% |
| 2023 | $34.95 | +39.4% |
| 2024 | $37.52 | +7.4% |
| 2025 | $35.01 | -6.7% |
| Year | Yield |
|---|---|
| 2016 | -- |
| 2017 | -- |
| 2018 | -- |
| 2019 | 0.00% |
| 2020 | 0.00% |
| 2021 | 0.00% |
| 2022 | 0.00% |
| 2023 | 0.00% |
| 2024 | 0.00% |
| 2025 | 0.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | -- | -- |
| 2017 | -- | -- |
| 2018 | -- | -- |
| 2019 | $0.2B | -- |
| 2020 | $0.5B | +150.0% |
| 2021 | $0.5B | +0.0% |
| 2022 | $0.2B | -60.0% |
| 2023 | $0.3B | +50.0% |
| 2024 | $0.3B | +0.0% |
| 2025 | $0.3B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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