DRAM Has Gained About 93% Since Listing — Now Roundhill Expands AI Offerings With Neocloud, Photonics ETFs

• Roundhill introduced the Neocloud ETF (NCLD) and Photonics & Optics ETF (LYTE) to target specialized compute capacity and high-speed data transmission.
• The launches follow Roundhill's Memory ETF (DRAM), which became the fastest fund in ETF history to surpass $25 billion in assets under management after its April 2026 debut. 
• Both funds charge a 0.65% expense ratio.

Roundhill Investments expanded its artificial intelligence infrastructure suite on Thursday with the debut of two specialized exchange-traded funds designed to capture specialized layers of the global data center expansion.

The asset manager launched the Roundhill Neocloud ETF (NCLD) and the Roundhill Photonics & Optics ETF (LYTE). Both funds carry an expense ratio of 0.65% and aim to deliver pure-play exposure to niche hardware and cloud segments rather than broad technology indexes.

"DRAM proved that investors want precise exposure to the AI infrastructure trade, not another broad tech fund," said Dave Mazza, Chief Executive Officer of Roundhill Investments. "NCLD and LYTE extend that approach to two critical layers of the AI buildout: the neoclouds providing compute and the photonics companies moving data at the speed of light."

The double launch comes on the heels of Roundhill’s blockbuster release of the Roundhill Memory ETF (DRAM) in April 2026. The ETF focused exclusively on memory-chip manufacturers supplying high-bandwidth memory for AI hardware. 

DRAM set an industry record by becoming the fastest ETF in history to reach $25 billion in assets under management, taking just four months to achieve the benchmark. Investor demand for memory chipmakers expanded exponentially owing to soaring demand as hyperscalers amp up their capex on AI cloud infrastructure. 

DRAM ETF has jumped 93% from its April listing, and the retail sentiment on Stocktwits was ‘bearish’ on the ETF. 

Optics And Neocloud: The Next Frontier

The new offerings arrive as artificial intelligence workloads place unprecedented strain on traditional computing and cloud architecture.

Neocloud operators are companies offering specialized GPU-as-a-Service (GPUaaS) platforms, and AI-tailored data centers and have seen escalating demand as developers compete for high-performance compute capacity to train and deploy complex AI models. 

Simultaneously, data center physical architecture is undergoing a major shift. As AI server clusters grow larger and denser, conventional copper interconnects are encountering severe bandwidth bottlenecks and heating limits. Photonics and optical networking solve these constraints by utilizing light rather than electrical signals, dramatically speeding up data transfers while reducing energy consumption.

NCLD And LYTE Key Holdings

Comprising 16 holdings, NCLD is heavily weighted toward Nebius Group NV (NBIS), which represents 30.83% of assets, followed by CoreWeave Inc. (CRWV) at 27.30%. Additional top positions include IREN Ltd. (IREN) (7.72%), Hut 8 Corp. (HUT) (6.32%), TeraWulf Inc. (4.97%), Applied Digital Corp. (4.83%), and Core Scientific Inc. (3.88%). 

Holding 12 stocks, LYTE gives investors access to domestic and international optical interconnect suppliers, including Asian market names that provide currency arbitrage advantages. Top holdings include Lumentum Holdings Inc. (LITE) at 15.42%, Coherent Corp. (COHR) at 15.23%, Eoptolink Technology Inc. (14.59%), Zhongji Innolight Co. (14.22%), and Ciena Corp. (CIEN) at 13.73%. 

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