Assuming Dropbox goes public, and indications are that it will, it would likely enter ETFs such as the Renaissance IPO ETF (NYSEArca: IPO) prior to joining SKYY.

However, Dropbox is viewed as a cloud-computing firm, so it would make for a logical addition to SKYY at some point. SKYY may not be a “bellwether” ETF, but it is the lone cloud-computing ETF, making its reaction to news of Dropbox thinking it is worth $8 billion interesting.

SKYY is down 3% to start this week, indicating that either investors are concerned about a cloud bubble, are not buying Dropbox being worth more than double Boston Beer (NYSE: SAM) or both.  Making matters all the more concerning for SKYY in the near-term is that the ETF is declining when the following stocks are found among its top-10 holdings: Facebook (NasdaqGM: FB), Netflix (NasdaqGM: NFLX), Salesforce (NYSE: CRM) and Amazon (NasdaqGM: AMZN).

First Trust ISE Cloud Computing Index Fund