NCLD vs TCAI: Grades, Fees and Holdings Compared

Roundhill Neocloud ETF

NCLDCNasdaq

Tortoise AI Infrastructure ETF

TCAIBNYSE

Overlap

11.6%by weight

Expense ratio

NCLD0.65%TCAI0.65%

Avg volume · 30D

NCLD 13.8×the volume

NCLD1.09MTCAI79.1K

NCLD vs TCAI Performance

Oct 2, 2026 – Nov 2, 2026

−41.8%NCLD−23.2%TCAI

Expense ratio: NCLD 0.65%; TCAI 0.65%
Fund size: NCLD $84M; TCAI $202M
1Y total return: NCLD No data; TCAI +12.5%
Holdings: NCLD 22; TCAI 45
Avg volume (30D): NCLD 1.09M sh, better; TCAI 79.1K sh
NAV per share: NCLD $14.02; TCAI $37.14
52W range

ETF.net Grade

Pillar letters and Scores for NCLD, TCAI, with each pillar’s weight
Pillar	NCLD	TCAI
Cost30% weight	C53	C53
Mission25% weight	Not scored	D25
Risk15% weight	F14	C41Higher
Tradability15% weight	A79Higher	B60
Holdings10% weight	F21	A76Higher
Durability5% weight	B62Higher	B58

Rank among AI Data Infrastructure funds

How we build Categories ›

Same Category. NCLD and TCAI are both graded against the same 11 AI Data Infrastructure funds, so their Grades compare head to head.

AI Data Infrastructure⁠

Category · 11 funds

See all 11 ›

TCAI ranks 4th and NCLD 6th of 11 funds in the AI Data Infrastructure Category.

Rank 1AWTAIWisdomTree Artificial Intelligence and Innovation FundScore 78
Rank 2ADTCRGlobal X Data Center & Digital Infrastructure ETFScore 75
Rank 3ARACKVanEck Data Center Supply Chain ETFScore 70
Rank 4BTCAITortoise AI Infrastructure ETFScore 55
Rank 5CAIPODefiance AI & Power Infrastructure ETFScore 53
Rank 6CNCLDRoundhill Neocloud ETFScore 46
Rank 7CXDATFranklin Exponential Data ETFScore 40

Our read on each fund

ETF.net Research

NCLDCRoundhill Neocloud ETF

TCAIBTortoise AI Infrastructure ETF

In short

NCLD No data

TCAI A stock picker's run at the AI buildout. TCAI is actively managed with no index to follow, aiming at the companies that supply AI infrastructure, and it prices right at the middle of its small niche.

Stated mandate

NCLD No data

TCAI The Fund invests with an emphasis on companies involved in AI infrastructure. It is actively managed and does not seek to track an index.

Why people hold it

NCLD No data

TCAI No index, no rulebook. The managers pick the AI infrastructure names themselves, so the portfolio can shift as the buildout does rather than wait for a quarterly reconstitution.
At 0.65% a year it lands on the median fee for its AI infrastructure cohort, and under the 0.69% charged by Defiance's AIPO, despite being run actively.
In a crowded new corner (seven funds chasing AI infrastructure), this one grades out in the upper half on our review.
Liquidity is a bright spot: it changes hands often enough that getting in and out is one of the smoother parts of owning it, unusual for a fund this new.

Worth knowing

NCLD No data

TCAI Launched in August 2025, so the track record is thin. There is not yet enough history to judge how it behaves through a full market cycle.
Active costs more here. Index-run peers in the same niche, Franklin's XDAT at 0.50% and ProShares' DAT at 0.58%, undercut it.
Distributions come once or twice a year, and the fund is still mid-sized rather than a giant. This is a growth-theme holding, not an income line item.

Full NCLD profile⁠

Full TCAI profile⁠

NCLD vs TCAI Holdings

How NCLD and TCAI differ

Overlap by weight

11.6%

Shared holdings make up 39.4% of NCLD and 11.6% of TCAI.

Level by level

Holdings8 in both11.6%
Sector7 Sectors42.0%
Countryby domicile89.0%
Asset classEquity100%

Sector

Sector weights in NCLD and TCAI, widest gap first
Sector	More in NCLDMore in TCAI	NCLD	TCAI
Financials	NCLD +41.1 points	48.1%	7.0%
Industrials	TCAI +30.2 points	0.0%	30.2%
Communication	NCLD +17.0 points	19.4%	2.4%
Technology	TCAI +15.0 points	32.5%	47.5%
Utilities	TCAI +5.5 points	0.0%	5.5%
Energy	TCAI +5.1 points	0.0%	5.1%
Consumer Discretionary	TCAI +2.3 points	0.0%	2.3%

Country, concentration and asset class

Country by domicile

Country weights in NCLD and TCAI, widest gap first
Country	More in NCLDMore in TCAI	NCLD	TCAI
Australia	NCLD +11.0 points	12.2%	1.2%
Germany	TCAI +4.0 points	0.0%	4.0%
United Kingdom	TCAI +2.6 points	0.0%	2.6%
South Korea	TCAI +2.0 points	0.0%	2.0%
France	TCAI +1.3 points	0.0%	1.3%
United States	TCAI +0.8 points	87.8%	88.6%
Canada	TCAI +0.4 points	0.0%	0.4%

Concentration

Weight in the 10 largest Holdings

NCLD136.1%
TCAI43.2%

Securities held

NCLD18
TCAI45

Asset class

NCLD: Equity
TCAI: Equity

Holdings

Only in NCLD10
In both8
Only in TCAI37

Only in NCLD

10 securities, 80.7% of NCLD by weight

United States Treasury Bill 12/03/202653.25%
First American Government Obligations Fund 12/01/203110.39%
CoreWeave Inc7.29%
Galaxy Digital Inc4.78%
RUM Group Inc1.47%
Cleanspark Inc1.44%
Keel Infrastructure Corp0.86%
SharonAI Holdings Inc0.57%
Boost Run Inc0.38%
Whitefiber Inc0.30%

Only in TCAI

37 securities, 88.5% of TCAI by weight

Vertiv Holdings Co6.56%
Micron Technology Inc4.78%
Dell Technologies Inc4.77%
Quanta Services Inc4.36%
Sandisk Corp4.14%
MasTec Inc4.05%
MYR Group Inc3.99%
GE Vernova Inc3.77%
Ciena Corp3.47%
Seagate Technology Holdings PLC3.33%
Western Digital Corp3.23%
Entergy Corp2.56%
nVent Electric PLC2.54%
Williams Cos Inc/The2.47%
Constellation Energy Corp2.44%
Dycom Industries Inc2.41%
Arista Networks Inc2.30%
Amphenol Corp2.22%
Hewlett Packard Enterprise Co2.09%
Credo Technology Group Holding Ltd2.07%
Modine Manufacturing Co2.01%
SK hynix Inc2.01%
Infineon Technologies AG1.66%
Siemens Energy AG1.54%
Solaris Energy Infrastructure Inc1.47%
Lumentum Holdings Inc1.43%
Schneider Electric SE1.38%
Coherent Corp1.31%
Evergy Inc1.29%
DT Midstream Inc1.19%
AAON Inc1.11%
Innio NV0.97%
Accelevation Holdings Corp0.95%
Forgent Power Solutions Inc0.94%
Comfort Systems USA Inc0.93%
Celestica Inc0.40%
First American Government Obligations Fund 12/01/20310.32%

Weight gaps

All 8 Holdings in both funds, largest gap first.

Holding weights in NCLD and TCAI, widest gap first
Holding	More in NCLDMore in TCAI	NCLD	TCAI
Nebius Group NVNBIS	NCLD +8.03 points	9.84%	1.81%
IREN LtdIREN	NCLD +6.02 points	7.12%	1.10%
Hut 8 CorpHUT	NCLD +4.13 points	5.63%	1.50%
Applied Digital CorpAPLD	NCLD +2.95 points	3.72%	0.77%
Core Scientific IncCORZ	NCLD +2.59 points	3.28%	0.69%
Riot Platforms IncRIOT	NCLD +2.44 points	3.40%	0.96%
Terawulf IncWULF	NCLD +1.66 points	4.31%	2.65%
Cipher Digital IncCIFR	NCLD +0.01 points	2.12%	2.11%

All 17 NCLD holdings⁠All TCAI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NCLD vs TCAI Cost

Same expense ratio

$12,717

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

NCLD 0.65%
$12,717
TCAI 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

NCLD 0.65%
TCAI 0.65%

Year by year

Year	NCLD	TCAI
10	$1,163	$1,163
20	$4,440	$4,440
30	$12,717	$12,717

Expense ratio

0.65%NCLD
0.65%TCAI

NCLD0.65%TCAI0.65%

0.45%1.00%

Middle half of AI Data Infrastructure funds
Median 0.65%

NCLD 5th cheapest of 11 funds

TCAI 5th cheapest of 11 funds

NCLD vs TCAI Dividends

Last 12 months to Nov 2, 2026

Payout (12M): NCLD None; TCAI No data
Last payment: NCLD No data; TCAI $0.02
Ex-dividend: NCLD No data; TCAI Dec 31, 2025
Paid on: NCLD No data; TCAI Jan 2, 2026
Frequency: NCLD No data; TCAI Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

NCLDAll NCLD payments⁠

No distribution history available.

TCAIIrregular · 1 paymentAll TCAI payments⁠

NCLD vs TCAI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NCLD No dataTCAI 48.0%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: NCLD No dataTCAI 0.89since Sep 2025
Worst fallMax drawdown, 5 years: NCLD No dataTCAI −36.5%since Aug 2025
Market sensitivityBeta, 5 years: NCLD 0.00TCAI 2.65; Market = 1

NCLD and TCAI in the news

All news⁠

ETF Filings
Tuttle files eight Income Blast ETFs, including baskets that name OpenAI and Anthropic
Sep 15, 2026NCLDTCAI
Category Rankings
Chips, AI and crypto took October's losses
Updated Nov 2, 2026NCLD
Top Movers
Memory-chip funds jump after SK hynix's record quarter as Israel funds fall
Oct 28, 2026NCLD
Top Movers
The biggest fund drop Tuesday was a WisdomTree payout, not a selloff
Oct 27, 2026NCLD
Top Movers
AI-computing funds led the losses as CoreWeave sank
Oct 14, 2026NCLD
Top Movers
Energy funds rose while chips fell on a weaker OpenAI revenue figure
Oct 8, 2026NCLD

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NCLD vs TCAI

In short

Stated mandate

Why people hold it