Roundhill Seeks SEC Approval for Neocloud ETF Focused on GPU-as-a-Service Infrastructure

Roundhill Investments has submitted an SEC filing for a new exchange-traded fund aimed at a rapidly expanding slice of AI infrastructure: businesses that lease GPU computing capacity to enterprises demanding machine-learning compute. The proposed Roundhill Neocloud ETF, expected to trade under the ticker $NCLD, would invest in what the filing calls "Neocloud Companies"—specialized cloud operators built around GPU horsepower rather than the broad, general-purpose cloud stacks offered by hyperscalers such as AWS, Azure and Google Cloud. In practice, neocloud providers concentrate on high-density AI data centers, GPU-as-a-Service (GPUaaS) platforms, the power infrastructure needed to run those facilities, and high-speed networking designed to move AI-scale data efficiently. Under the GPUaaS model, customers can tap large GPU clusters on demand without purchasing and maintaining hardware. ABI Research projects neocloud providers will generate more than $65 billion in GPUaaS revenue by 2030. The filing, dated May 22, 2026, adds to Roundhill's roster of AI-themed products. The firm already manages the Generative AI & Technology ETF (CHAT) and the Memory ETF (DRAM). The SEC submission does not yet list portfolio holdings or an expense ratio. It does outline the intended investment universe: companies involved in high-density AI data centers, GPUaaS platforms, supporting power infrastructure and high-speed network technologies designed for AI-scale data transfer. Investors will be watching how Roundhill ultimately defines eligibility once the methodology is released. The dividing line between a pure-play GPU cloud specialist and a traditional data center operator with AI offerings can be thin, and how that line is drawn will determine whether $NCLD provides differentiated exposure or resembles a repackaged version of existing tech infrastructure funds.