Search “data center ETF” and five US tickers come up: DTCR, IDGT, RACK, SRVR and, since August 6, 2026, NCLD. All five present data centers, digital infrastructure or neoclouds as the core theme, and all five buy something different. One is almost entirely the companies that rent out GPU capacity, one is mostly REITs that own the buildings, one is mostly the companies that make the switches inside them, one is a supply chain fund with almost no real estate, and one is a REIT fund with a nuclear sleeve.
This article compares ETFs whose name, index or stated objective presents data centers, digital infrastructure, neoclouds or cloud infrastructure as the core theme, as of August 27, 2026: five US-listed funds and six Korean-listed ones. Single-component theme funds for optics, cooling, power or semiconductors are excluded. Every holding is sorted into four layers of the data center value chain and the weights are added up. The short version: the share that actually owns or operates data centers is close to 100% for NCLD, 46.6% for DTCR, 44.8% for SRVR, 22.2% for IDGT and 9.4% for RACK. The rest is towers, chips, power and, in two cases, uranium. The Korean-listed products are covered in the Korean edition, 데이터센터 ETF 비교, and summarized below.
Four layers of a data center ETF
Layer one A, pure and primary operators and REITs. Companies that own the building and lease the space (Digital Realty, Equinix, NEXTDC, GDS, Keppel DC REIT, Core Scientific) and companies that rent out GPU capacity (CoreWeave, Nebius, IREN, Applied Digital, Hut 8, TeraWulf). This is the layer most people mean when they say “invest in data centers.”
Layer one B, diversified operators, conditional. Oracle, Alphabet, Amazon, NAVER, Iron Mountain and Galaxy Digital run data centers or clouds but earn most of their revenue elsewhere. Oracle’s fiscal 2026 cloud revenue was $34 billion inside a much larger software and hardware business; Alphabet’s Google Services dwarfs Google Cloud; Iron Mountain calls data centers a growth business but records storage is the core. Their weights are an upper bound on data center exposure and are shown separately.
Layer two, connectivity infrastructure. Tower and fiber REITs (American Tower, Crown Castle, SBA Communications, Uniti, Cellnex, China Tower) plus satellite operators (AST SpaceMobile, Iridium, SES) and SK Telecom. Data center REIT indexes almost always bundle communications infrastructure, so this layer comes along whether you want it or not.
Layer three, supply chain. Semiconductors and memory, servers and storage, networking and communications equipment, power equipment and cooling. These are the companies that fill the building; the server stocks map covers most of them.
Layer four, generation, nuclear, launch and other. Utilities, uranium, SMR developers, and in one Korean fund, SpaceX and Rocket Lab.
Weights are issuer-reported portfolio weights added up as-is. They do not adjust for each company’s revenue mix, so every layer figure is an upper bound.
The five US funds by layer
| ETF | 1A Pure operators & REITs | 1B Conditional | 2 Connectivity | 3 Supply chain | 4 Other |
|---|---|---|---|---|---|
| NCLD Roundhill Neocloud | 94.8% | 5.3% (Galaxy Digital) | 0 | 0 | 0 |
| DTCR Global X Data Center & Digital Infrastructure | 46.6% | 0 | 31.1% | 22.1% (chips, servers) | cash 0.2 |
| SRVR Pacer Data & Infrastructure Real Estate | 40.3% | 4.5% (Iron Mountain) | 36.0% | 1.5% (power equipment, cooling) | 17.5% (SMR, nuclear, power), cash 0.2 |
| IDGT iShares U.S. Digital Infrastructure and Real Estate | 22.2% | 0 | 25.3% | 52.4% (comm equipment 33.9, servers/chips 12.7, Fastly 5.8) | cash 0.2 |
| RACK VanEck Data Center Supply Chain | 5.2% | 4.1% (Oracle, Iron Mountain) | 0 | 69.4% (chips 31.9, power equipment & cooling 21.1, networking 9.5, servers 6.9) | 21.2% (utilities, uranium) |
This figure is an upper bound: it is a simple sum of each company’s full portfolio weight, not a revenue-weighted exposure.
All five rows are full holdings from the issuers: NCLD 21 lines including swaps and collateral as of August 26, DTCR 28 as of August 26, SRVR 76 as of August 27, IDGT 31 as of August 26, RACK 51 as of August 25. For NCLD, the cash and swap legs on Nebius and CoreWeave are combined into economic exposure and the Treasury bill collateral is excluded.
Fund by fund
NCLD listed on Nasdaq on August 6, 2026, actively managed, expense ratio 0.65%, $58.6 million in assets, annual distributions. It is the purest operator fund on either market: Nebius 29.96% and CoreWeave 26.58% (each held partly in stock and partly through total return swaps), IREN 7.80%, Hut 8 5.75%, TeraWulf 4.37%, Applied Digital 4.32%, Riot 4.11%, Cipher 3.61%, Core Scientific 3.09%, CleanSpark 1.73% and five smaller names make up 94.8%, with Galaxy Digital 5.29% as the one diversified holding. Many of these companies are former bitcoin miners converting sites to AI hosting, which is a different risk from a REIT. Two names are 57% of the fund.
DTCR is the largest at $2.19 billion in net assets, launched October 2020, expense ratio 0.50%, semi-annual distributions, tracking the Solactive Data Center REITs & Digital Infrastructure Index. Digital Realty 13.06%, Equinix 12.55%, NEXTDC 4.56%, GDS 4.35%, Keppel DC 4.34%, Applied Digital 4.12%, VNET 2.73% and two small names make the operator and REIT layer 46.6%. American Tower 12.38%, Crown Castle 8.47%, SBA 4.43%, Uniti 3.55% and China Tower 2.25% are connectivity at 31.1%. What the top 10 does not show is the bottom 11: Super Micro, Marvell, HPE, Micron, TSMC, Nvidia, AMD, Broadcom, SK hynix, Microchip and Intel, each 1.7% to 2.8%, together 22.1%. DTCR is a REIT fund with a chip tail.
SRVR launched May 2018, $380.2 million in net assets, expense ratio 0.49%, quarterly distributions, 76 holdings tracking the Solactive GPR Data & Infrastructure Real Estate Index. Digital Realty 16.56%, Equinix 16.12%, NEXTDC 2.83%, GDS 1.67%, Keppel DC 1.31%, DigitalBridge 0.99% and three small names are pure real estate at 40.3%, Iron Mountain 4.51% is the conditional layer, and American Tower 14.80%, Cellnex 4.41%, SBA 4.30%, Crown Castle 3.88%, China Tower 2.09%, Iridium 1.66% and eight more are connectivity at 36.0%. The part the top 10 hides is a 34-name sleeve of SMR, nuclear and power companies at 17.5% in total: Rolls-Royce 1.09%, Fermi 1.07%, Centrus 1.00%, NuScale 0.96%, NANO Nuclear 0.84%, Oklo 0.84%, Terrestrial Energy 0.81%, Cameco 0.80%, ASP Isotopes 0.76% and 25 more at under 0.75% each, including Korean nuclear names such as KEPCO E&C and Doosan Enerbility. The index methodology sets this sleeve at 20% at each rebalance, so the 17.5% reflects drift since the last one. SRVR is not a plain REIT fund any more.
IDGT has the oldest ticker, incepted July 10, 2001 as a networking fund; its current mandate, name and index, the S&P Data Center, Tower REIT and Communications Equipment Index, took effect December 18, 2023. Net assets $521.8 million, expense ratio 0.37%, the lowest of the five, quarterly distributions. Equinix 9.17%, Digital Realty 9.06% and CoreWeave 3.94% are the operator layer at 22.2%. American Tower 8.42%, Uniti 6.21%, Crown Castle 5.39% and SBA 5.24% are connectivity at 25.3%. The largest layer is communications equipment at 33.9%: Arista 5.60%, Cisco 4.23%, Ciena 3.51%, Extreme 3.43%, Credo 3.40%, Nokia 3.13%, Calix 2.89% and seven more. Add Super Micro 4.50%, NetApp 4.34%, Qualcomm 3.89% and Fastly 5.79% and more than half the fund is the equipment that goes into a data center rather than the data center.
RACK began operations June 1, 2026 and was publicly launched June 2, $61.25 million in assets, expense ratio 0.50%, annual distributions, tracking the MarketVector Data Center Supply Chain Index with 51 holdings. The name is accurate. Equinix 1.79%, Digital Realty 1.16%, Nebius 1.34% and CoreWeave 0.93% are the only pure operator names at 5.2%, with Oracle 3.22% and Iron Mountain 0.92% as conditional. The fund is instead Constellation Energy 5.14%, Cameco 5.03%, Public Service Enterprise 3.96%, BWX, NexGen, Uranium Energy, Oklo and Talen on power and uranium at 21.2%; Nvidia 4.74%, Micron 4.68%, Broadcom 4.28%, Sandisk 3.24%, Seagate 2.84%, AMD 2.70%, Western Digital 2.36% and nine more chip and storage names at 31.9%; Eaton 4.41%, Vertiv 2.70%, Emerson 2.43%, Quanta 2.40%, Cummins 2.16%, Johnson Controls 2.07% and six more on power equipment and cooling at 21.1%; Amphenol 4.76%, Arista 3.53%, Lumentum 1.21% on connectivity hardware at 9.5%; Dell, HPE, Celestica, Super Micro and Nutanix on servers at 6.9%. RACK is the AI power ETF set and the server set in one wrapper.
Why the names and the holdings diverge
First, the index provider defines “data center” differently in each case. Solactive’s REIT index bundles tower REITs, so DTCR and SRVR carry 31% to 36% of connectivity real estate, and Solactive added a nuclear and power sleeve to the SRVR index. S&P’s index for IDGT is explicitly data centers plus towers plus communications equipment, three things in one. MarketVector’s supply chain index for RACK screens for revenue from building, operating and powering data centers, which pulls in utilities and uranium miners. Roundhill’s NCLD is active and simply buys the operators.
Second, there are only a handful of pure data center operators to buy. Digital Realty and Equinix dominate every REIT index by size, and the neocloud names (CoreWeave, Nebius, IREN, Applied Digital) are new, volatile and, in NCLD’s case, held partly through swaps. Index builders fill the rest with towers, chips or power.
Third, the same company sits in different layers depending on the fund. Super Micro is in DTCR, IDGT and RACK. Equinix and Digital Realty are in DTCR, SRVR, IDGT and RACK. Oracle is an operator in a Korean fund and a supply chain name in RACK unless you separate it out, which is why it has its own conditional layer here.
The Korean-listed products
Korean investors searching the same term see six domestic products, and the layer split is wider. TIGER U.S. AI Data Center TOP4Plus (0142D0) is 59.7% pure neocloud (Nebius 22.81%, IREN 15.72%, CoreWeave 15.06%, Applied Digital 6.15%) plus Oracle 16.82% conditional, 76.6% combined, with no REITs and no towers. RISE U.S. AI Cloud Infrastructure (0127R0, listed November 2025) is 46.6% pure neocloud (CoreWeave 20.14%, Nebius 17.64%, ChronoScale 8.79%) plus Oracle 9.25%, 55.8% combined, with 44.1% in networking, optics and cooling suppliers. RISE Global Data Center REIT (375270, swap-based) tracks the Kelly Data Center & Tech Infrastructure Index, whose disclosed top 10 is at least 35.2% data center REITs and 27.5% towers; the fund is small at about 9 billion won. KIWOOM U.S. Space Data Center Infrastructure (0207Z0, listed June 2026) is 46.3% launch companies (SpaceX 25.6%, Rocket Lab 20.8%, renormalized), 4.3% AST SpaceMobile, 15.9% Alphabet and Amazon, and 0% data center operators. Mighty AI Data Center Value Chain (0222F0, listed August 2026) and KoAct AI Infrastructure Active (487130) are domestic stock funds built from power equipment, semiconductors and batteries with no pure operators at all. The full breakdown, fees and Korean tax treatment are in the Korean edition, 데이터센터 ETF 비교.
How to check this yourself
Download the full holdings file from the issuer, not the top 10 on the quote page, and sort every name into the four layers. DTCR’s entire semiconductor tail is outside the top 10; SRVR’s 34-name nuclear sleeve has no single holding above 1.1%; RACK’s top 10 is only 41% of the fund. For swap-based funds, combine the cash and swap legs (NCLD) or look at the index constituents (RISE 375270). The table above will be stale after the next rebalance.
Before choosing
First, decide whether you want the company that owns the data center or the company that supplies it. Owners: NCLD for operators, DTCR and SRVR for real estate. Suppliers: RACK, or IDGT for networking equipment.
Second, count the overlap. Equinix and Digital Realty are in DTCR, SRVR, IDGT and RACK; American Tower is in three of them. DTCR and SRVR overlap heavily in core real estate and connectivity, but DTCR has a semiconductor and server sleeve and SRVR has an SMR, nuclear and power sleeve that the index sets at 20%, so the two are not identical.
Third, watch the small and new funds. NCLD is three weeks old at $59 million and RACK is three months old at $61 million. Liquidity and spreads matter more than a 0.13-point fee gap.
Fourth, the fee order is IDGT 0.37%, SRVR 0.49%, DTCR 0.50%, RACK 0.50%, NCLD 0.65%. Expense ratios exclude trading costs, and distribution frequency differs: DTCR semi-annual, IDGT and SRVR quarterly, RACK and NCLD annual.
Fifth, rates versus capex versus financing. REIT-heavy funds move with interest rates; supply chain funds move with hyperscaler capital spending, tracked in the hyperscaler capex tracker; neocloud funds move with GPU lease contracts and the operators’ ability to raise debt. They are three different bets that share a name.
Risks
All figures are snapshots at the stated dates and change at each rebalance. Layer sums are simple portfolio weights; multi-business companies are shown in a separate conditional layer, but even the pure layer treats companies as if they were pure plays, so every figure is an upper bound. NCLD’s exposure is partly through swaps, which adds counterparty risk. The eleven-fund set is what the search results show on August 27, 2026; RACK and KIWOOM in June, NCLD and Mighty in August show how quickly that set changes.
Summary
The five US data center ETFs own five different things. Sorting every holding into pure operators and REITs, conditional operators, connectivity, supply chain and other gives NCLD 94.8% pure operators, DTCR 46.6% with 31.1% connectivity, SRVR 40.3% plus Iron Mountain with 36.0% connectivity and a 17.5% nuclear sleeve, IDGT 22.2% with 33.9% communications equipment, and RACK 5.2% with 69.4% supply chain and 21.2% power and uranium. Korean-listed products range from 76.6% operators (TIGER, Oracle included) to 0% (KIWOOM, Mighty, KoAct). The name tells you the theme; only the full holdings tell you the layer.
Frequently asked questions
Which data center ETF actually owns data centers?
NCLD is 94.8% pure neocloud operators (August 26 holdings, cash and swap legs combined). Among the REIT-based funds, DTCR has the highest pure operator and REIT share at 46.6% (August 26 full holdings), with SRVR at 40.3% plus Iron Mountain 4.5%.
Is RACK a data center REIT ETF?
No. RACK holds 5.2% in pure REITs and operators plus 4.1% in Oracle and Iron Mountain. It is a supply chain fund: 31.9% semiconductors and storage, 21.2% utilities and uranium, 21.1% power equipment and cooling.
Why do data center ETFs hold cell tower companies?
Because the underlying indexes from Solactive, S&P and Kelly define digital infrastructure to include tower REITs. Connectivity is 31.1% of DTCR, 25.3% of IDGT and 36.0% of SRVR.
Does SRVR hold nuclear stocks?
Yes. As of August 27, 2026, 34 SMR, nuclear and power names add up to 17.5% of SRVR, and the index methodology sets that sleeve at 20% at each rebalance. None of them appears in the top 10.
Which is cheapest?
IDGT at 0.37%. SRVR is 0.49%, DTCR and RACK 0.50%, NCLD 0.65%. IDGT is also the least data center heavy of the five.
Are there data center ETFs listed in Korea?
Six products appear for the search. TIGER U.S. AI Data Center TOP4Plus (76.6% operators including Oracle) and RISE U.S. AI Cloud Infrastructure (55.8%) are the operator funds, RISE Global Data Center REIT tracks a REIT and tower index, and the other three hold launch companies, power equipment or semiconductors.
This article is for informational purposes only. It is not a recommendation to buy or sell any security mentioned, and investment decisions and their outcomes are your own responsibility.
Last verified: 2026-08-27
