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Cloud & E-Commerce Gains Lift OGIG in July

BY | ETF Database
9:54 am ET 08/05/26 | 4 VIEWS
Cloud stocks fueled July gains for the O’Shares Global Internet Giants Index, the benchmark behind the ALPS O’Shares Global Internet Giants ETF (OGIG B). The index climbed 5.1% for the month, according to attribution data from VettaFi.Key Takeaways: OGIG’s underlying index rose 5.1% in July, led by gains in cloud computing stocks. Technology led with a 5.9% return, powered by Microsoft’s 24.6% cloud-driven gain. Media and communications was the only sector to fall, dragged down by Roblox and Reddit. OGIG targets internet technology and e-commerce companies. Those companies must draw at least half their revenue from online commerce or the technology that supports it, according to ALPS Advisors. That focus let the fund capture July’s cloud and e-commerce gains, VettaFi data show. Technology was the fund’s largest sector, at 49.9% of the portfolio. It returned 5.9% in July and contributed 3.02 percentage points to the index’s overall gain, the largest of any sector, VettaFi attribution data show. Microsoft Corp. (MSFT) was the index’s top individual contributor. It gained 24.6% and added 1.38 percentage points, VettaFi data show. Azure cloud revenue rose 43% in the fiscal fourth quarter, the fastest growth since early 2022, Bloomberg reported. Shares jumped 16% the next trading day, the company’s biggest one-day gain since October 2008. See more: Microsoft’s Earnings Beat: A Ripple Effect Across ETF Landscape Consumer discretionary stocks, driven largely by e-commerce, were the second-biggest contributor. The sector returned 11.9% in July and added 2.31 percentage points, VettaFi data show. Amazon.com, Inc. (AMZN) gained nearly 14% and contributed 0.76 percentage points, VettaFi data show. The company’s second-quarter net sales rose 20% to $200.6 billion. AWS sales climbed 37% to a $169 billion annualized run rate. That was AWS’s fastest growth in 18 quarters, Amazon said in its earnings release.Cloud Gains Extend to Software and E-CommerceMeituan, a Chinese food delivery and local services platform, was the index’s top performer by percentage gain, VettaFi data show. It climbed just over 35% and added 0.38 percentage points. PDD Holdings Inc. (PDD), parent of the Temu and Pinduoduo online marketplaces, rose 16.1%, also contributing 0.38 percentage points. Alibaba Group Holding Ltd. (BABA), the Chinese e-commerce and cloud computing company, gained 27.4% and added 0.25 percentage points. Software makers also rallied. Atlassian Corp. (TEAM), maker of the Jira and Confluence workplace tools, climbed 29.9%, per VettaFi. Workday Inc. (WDAY), a cloud-based provider of human resources and finance software, gained nearly 31%. The two stocks added 0.33 and 0.26 percentage points, respectively, as cloud subscription demand held up. Media and communications was the only sector to lose ground, falling 2% and subtracting 0.53 percentage points, according to the data. Roblox Corp. (RBLX) dropped 34.5% and Reddit Inc (RDDT) fell about 19%, the sector’s steepest declines. Even as Microsoft and other cloud-linked holdings pushed technology to a gain, AppLovin Corp. (APP), a mobile advertising technology company, slid 23.2% in July. That was the sector’s sharpest decline, subtracting 0.69 percentage points from the index, VettaFi data show. For more news, information, and analysis, visit the ETF Building Blocks Content Hub. VettaFi LLC (“VettaFi”) is the index provider for OGIG, for which it receives an index licensing fee. However, OGIG is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of OGIG.

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