The artificial intelligence build-out represents one of the most significant physical infrastructure expansions in modern history.

For the past decade, the technology sector has been dominated by the software economy—cloud platforms, mobile applications, and digital services that required relatively little physical capital to scale. Today, that paradigm has completely flipped. While NVIDIA has naturally been the focal point of this hardware-intensive revolution, producing the next generation of computing power requires a massive, highly specialized, and incredibly capital-intensive global supply chain.

Today, we are announcing the launch of the PurePlay NVIDIA Ecosystem Picks & Shovels Index ETF (NASDAQ: NVPS).

NVPS seeks to track a custom, rules-based index designed to provide investors with targeted exposure to the critical suppliers, fabricators, and infrastructure providers that make the NVIDIA ecosystem function.
 

Solving the Problem of Dilution 

Historically, investors seeking exposure to the AI hardware boom have relied on broad technology or traditional semiconductor ETFs. However, these legacy vehicles often suffer from severe thematic dilution. Because most traditional indices are market-cap weighted, they frequently hold mega-cap software companies, consumer electronics brands, search engines, or legacy tech firms that have minimal direct revenue tied to the actual construction of AI data centers.

As a result, an investor looking to capitalize on AI infrastructure often ends up inadvertently buying exposure to smartphone sales or digital ad revenue. NVPS was built specifically to solve this portfolio challenge by providing undiluted, pure-play exposure to the true NVIDIA value chain.
 

The “Picks and Shovels” Methodology

During the historical gold rushes, the most reliable wealth wasn’t necessarily generated by those hunting for gold, but by the merchants selling the essential tools to the miners. Rather than attempting to predict which software companies will ultimately win the AI application race, NVPS takes this exact “picks and shovels” approach. The fund’s underlying index methodically screens for companies that are economically tied to the physical production and scaling of advanced GPUs.

The index targets specific, critical sub-sectors within the ecosystem, including:

• Semiconductor Fabrication: The highly specialized foundries responsible for the physical manufacturing of advanced chips. These facilities require billions of dollars to construct and operate at the extreme limits of modern physics to produce nanometer-scale architecture.
• Manufacturing Tools & Equipment: Companies providing the complex machinery required to build modern semiconductors. This includes the exclusive manufacturers of extreme ultraviolet (EUV) lithography machines, precision chemical etching equipment, and sophisticated metrology and testing tools.
• Data Center Infrastructure: Providers of the structural backbone of the AI build-out. Because AI chips draw massive power and generate unprecedented heat, this sector includes manufacturers of high-density server racks, heavy-duty power management systems, advanced transformers, and next-generation liquid cooling technologies.
• Memory & Connectivity: Producers of high-bandwidth memory (HBM) chips and optical networking components. To train AI models, thousands of GPUs must communicate simultaneously without latency. The companies manufacturing these optical transceivers and active cables are strictly necessary to solve massive data transfer bottlenecks.
   

A Precision Tool for Portfolios 

By utilizing strict eligibility rules, capping constituent weights, and systematically rebalancing, NVPS is designed to manage concentration risk while maintaining its pure-play focus. It strips away the broad tech overlap and focuses entirely on the physical build-out of the AI economy.

It offers financial advisors and investors a precision tool to seek thematic exposure to the NVIDIA value chain, allowing them to allocate to the broader infrastructure rather than relying on a highly volatile, single-stock position.

The AI boom isn’t just about the chips—it’s about the entire ecosystem that makes them possible. 

Discover how NVPS can help investors access the “picks and shovels” of the AI infrastructure build-out. Explore NVPS ETF →