# Roundhill’s Neocloud ETF surges 15% in first week, volume hits $46M > Source: > Published: 2026-08-12 16:57:36+00:00 Via roundhillinvestments.com # Roundhill’s Neocloud ETF surges 15% in first week, volume hits $46M The new GPU-as-a-service fund is off to a hot start, with former Bitcoin miners making up a surprising chunk of its holdings Roundhill Investments launched its Neocloud ETF on August 6, and the fund wasted no time making an impression. In less than a week of trading on the Nasdaq under the ticker NCLD, the actively managed fund has climbed roughly 15% while racking up $46 million in cumulative volume. For a brand-new thematic ETF with assets under management of approximately $15.45 million at launch, those are eyebrow-raising numbers. Average daily share volume has hovered between 570,000 and 620,000 shares, translating to roughly $13-$14 million per day at prices ranging from $22 to $24. ## What exactly is a “neocloud” The term refers to companies building GPU-as-a-Service platforms and AI-optimized data centers designed specifically for high-performance computing workloads. Traditional cloud providers like Amazon Web Services and Microsoft Azure offer general-purpose computing. Neocloud companies, by contrast, specialize in the kind of dense GPU clusters that AI model training demands. The ETF’s portfolio concentration tells you where Roundhill sees the most opportunity. Nebius Group, trading under the ticker NBIS, commands roughly 30.8% of the fund’s weight. CoreWeave, which went public earlier this year under ticker CRWV, takes up about 27.3%. Together, those two names account for nearly 58% of the entire fund. Roundhill is running this as an actively managed fund with a 0.65% expense ratio, giving it the flexibility to overweight its highest-conviction positions rather than spreading capital evenly across dozens of holdings. ## The Bitcoin mining connection The Neocloud ETF includes exposure to former Bitcoin mining operations. Companies like IREN, Hut 8, and TeraWulf all appear among the fund’s holdings, each having pivoted at least partially from cryptocurrency mining toward high-performance computing and AI infrastructure. Hut 8, which trades under the ticker HUT, has repositioned itself as a diversified computing infrastructure company. TeraWulf, trading as WULF, has leaned into its low-cost energy advantages to court AI workloads. IREN has followed a comparable path. ## Roundhill’s thematic playbook The Neocloud ETF didn’t launch in isolation. Roundhill simultaneously debuted its Photonics & Optics ETF under the ticker LYTE. The firm previously launched the Memory ETF under the ticker DRAM. Early trading data shows one session where the ETF closed up 3.31%, while intraday gains exceeded 13.66% at certain points. ## What the early momentum signals $46 million in cumulative trading volume for a fund with $15.45 million in AUM suggests significant turnover and active participation from traders beyond just buy-and-hold allocators. The expense ratio of 0.65% sits in the middle of the pack for actively managed thematic ETFs. When two stocks make up nearly 58% of the portfolio, a bad earnings report from either Nebius or CoreWeave could meaningfully dent returns regardless of what the rest of the holdings do. **Disclosure:** This article was edited by Editorial Team. For more information on how we create and review content, see our [Editorial Policy](https://cryptobriefing.com/editorial-policy/).