NCLD debuts as a thematic ETF focused on AI compute providers
Roundhill Investments launched the Roundhill Neocloud ETF on Aug. 6, 2026, with the ticker NCLD. The fund is listed on Nasdaq, uses an active management strategy, and carries a 0.65% expense ratio.
The product is built around the “neocloud” theme, targeting companies that rent out GPU compute capacity and provide AI data center services. Roundhill said demand for AI computing is rising faster than supply-side expansion, leaving neocloud operators in a favorable position to capture that gap.
The source article also references other AI-themed ETFs, including DRAM, DISK, and LYTE.
Top holdings are led by Nebius and CoreWeave
Based on the current portfolio data cited in the article, NCLD’s top 10 holdings by weight are listed below. The article notes that these weights can change with market prices and are for reference only.
- Nebius Group (NBIS): 30.83%
- CoreWeave (CRWV): 27.30%
- IREN (IREN): 7.72%
- HUT 8 (HUT): 6.32%
- Terawulf (WULF): 4.97%
- Applied Digital (APLD): 4.83%
- Cipher Digital (CIFR): 4.24%
- Galaxy Digital (GLXY): 4.12%
- Core Scientific (CORZ): 3.88%
- Cleanspark (CLSK): 1.92%
Nebius and CoreWeave together make up more than 58% of the fund, making them the two dominant single-name positions in the portfolio.
Most of the remaining companies have ties to the crypto mining industry and have spent recent years shifting toward AI data center and compute services. The article specifically points to IREN, HUT 8, Core Scientific, and Cleanspark. In that sense, NCLD combines two groups in one portfolio: dedicated GPU cloud firms and former bitcoin miners that have moved into compute infrastructure.
How neocloud firms differ from traditional cloud platforms
The article contrasts neocloud operators with large cloud incumbents such as AWS, Microsoft Azure, and Google Cloud. Those platforms offer broad cloud services that include storage, databases, and software tools, and their GPU expansion can be constrained by their existing business structures.
Neocloud providers, by comparison, are described as companies purpose-built for AI and high-performance computing. They rent out compute through a GPU-as-a-Service model to businesses and developers training or deploying AI models, acting as a wholesale layer focused on easing compute bottlenecks.
Many of these firms use multi-year contracts to lock in demand, which the article says can support relatively stable revenue. Roundhill describes the group as “toll booths in the AI era.”
The report also cites Morgan Stanley’s estimate that global spending tied to data center construction could reach $2.9 trillion by 2028. That figure is used to support the case that compute demand is rising well beyond the pace of supply expansion, with neocloud operators positioned as direct beneficiaries of the shortfall.
What the article says about investor fit and risk
In the source article’s framing, NCLD is a narrowly focused ETF that gives investors a way to gain exposure to the AI compute infrastructure theme through a concentrated basket of GPU cloud companies and more mature bitcoin miners that have shifted into this business.
At the same time, the article warns that the fund’s concentrated holdings and small size could make it more volatile than diversified index ETFs. For investors who agree with the view that AI compute demand will keep outpacing supply, and who can tolerate higher price swings as well as liquidity risk tied to a newer ETF, NCLD may be one name to watch.