Tuesday Showers For Cloud ETF?

The First Trust ISE Cloud Computing Index Fund

deserves some praise. Raking in $49.4 million in assets in less than three full trading weeks is nothing short of impressive. That's an AUM total some ETFs that are three years old would die for. That speaks to the fact that the folks at First Trust, the fastest-growing of the 10 largest U.S. ETF issuers, were on to the something when they invented SKYY, even more so than the firm was with the creation of the First Trust Nasdaq CEA Smartphone Index Fund

. FONE has attracted $16.2 million in AUM, but has been on the market six months. Comparisons aside, the next 24 hours or so have the potential to be very interesting for SKYY as the ETF's mettle could be tested by what can only considered an epic disappointment from Netflix

with some glum third-quarter guidance. Netflix, the movie rental company, was already vulnerable as bears had sold 11.4 million shares short, or more than 21% of the company's total shares outstanding. The silver lining for SKYY comes in two forms. First, there are four more ETFs, including the First Trust Dow Jones Internet Index Fund

, that have larger weights to Netflix, meaning traders may not take their Netflix aggression out on SKYY first. Second, Amazon.com

, SKYY's third-largest holding at 3.74% of the new ETF's weight, reports earnings after the close today. If Amazon plays the role of anti-Netflix and gives investors something to cheer about, that report may do some of the Netflix-induced damage on SKYY. SKYY is so new that chart study is difficult at this point, but appears safe to say that the ETF will extend its 3.5% since inception slide on Tuesday and that the blame will lie squarely with Netflix.