Roundhill Investments has filed with the SEC for a new exchange-traded fund built around one of the fastest-growing corners of AI infrastructure: companies that rent out GPU capacity to enterprises hungry for machine learning compute.
The Roundhill Neocloud ETF, proposed under the ticker $NCLD, would target so-called “Neocloud Companies,” a category of specialized cloud operators that prioritize raw GPU horsepower over the broader, general-purpose services offered by traditional hyperscalers like AWS, Azure, and Google Cloud.
What exactly is a Neocloud?
Neocloud providers focus on high-density AI data centers, GPU-as-a-Service platforms, power infrastructure, and high-speed networking technologies capable of supporting complex AI workloads efficiently and at lower cost.
The GPU-as-a-Service model, sometimes abbreviated GPUaaS, lets companies access powerful GPU clusters on demand without buying and maintaining the hardware themselves.
ABI Research forecasts that Neocloud providers will generate over $65 billion in GPUaaS revenues by 2030.
Roundhill’s expanding AI playbook
This isn’t Roundhill’s first foray into AI-themed investing. The firm already manages the Generative AI & Technology ETF, which trades under the ticker CHAT, as well as the Memory ETF under the ticker DRAM. The Neocloud ETF was filed on May 22, 2026.
The filing does not yet disclose specific portfolio holdings or an expense ratio. What the filing does make clear is the investment universe: companies engaged in high-density AI data centers, GPUaaS platforms, power infrastructure supporting those facilities, and high-speed network technologies designed for AI-scale data transfer.
One thing worth watching closely is how Roundhill defines the eligible universe once the fund’s full methodology is published. The line between a true GPU cloud specialist and a traditional data center operator with some AI capabilities can be blurry, and how the fund draws that line will determine whether $NCLD delivers genuinely differentiated exposure or ends up looking like a reshuffled version of existing tech infrastructure funds.