Roundhill launches NCLD to target neocloud firms serving AI compute demand

Roundhill Investments launched the Roundhill Neocloud ETF, trading under the ticker NCLD, on Aug. 6, 2026. The actively managed fund is listed on Nasdaq and carries a 0.65% expense ratio. Its focus is the so-called neocloud segment: companies that rent out GPU computing power and operate AI data center infrastructure. Current holdings show a highly concentrated portfolio. Nebius Group accounts for 30.83% and CoreWeave for 27.30%, putting the two names at more than 58% combined. The rest of the top positions include IREN, HUT 8, Terawulf, Applied Digital, Cipher Digital, Galaxy Digital, Core Scientific, and Cleanspark. Several of those companies are known for their roots in bitcoin mining before expanding into AI data center and compute services. According to Roundhill, AI compute demand is growing faster than supply can expand. The article contrasts neocloud providers with traditional cloud platforms such as AWS, Microsoft Azure, and Google Cloud, saying the newer firms are built more directly around GPU-as-a-Service for AI and high-performance computing workloads. It also cites Morgan Stanley’s estimate that global data-center-related capital spending could reach $2.9 trillion by 2028. The source notes that NCLD offers targeted exposure to this theme, but its concentrated holdings and relatively small fund size could bring higher volatility and liquidity risk than broader index ETFs.