ProShares is back with another thematic leveraged ETF, this time aiming to capture the red-hot artificial intelligence infrastructure trade. The firm filed for the ProShares Ultra AI Computing Power ETF, a fund designed to give investors leveraged exposure to companies benefiting from the surge in demand for AI chips, cloud infrastructure, high-performance computing, and data-center expansion.
The filing doesn't yet reveal a ticker, benchmark index, or full holdings list. But ProShares' "Ultra" branding is a dead giveaway: these funds typically target 2x daily returns of an underlying index. The prospectus also mentions "Understanding the Risks and Long-Term Performance of a 2x Daily Objective Fund," confirming this will be a leveraged daily-reset product. In plain English, it's designed for traders who want amplified short-term bets, not buy-and-hold investors.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, flagged the filing on X, calling the ETF "intriguing."
AI Infrastructure Is the New Hot Theme
The filing arrives as investor attention shifts from flashy AI apps to the plumbing underneath. Companies tied to GPUs, semiconductors, networking gear, cloud computing, and data-center power systems have become some of the biggest winners from the AI spending boom. Names like Nvidia and Broadcom have seen heightened interest as hyperscalers ramp up capital expenditures.
Major tech firms are pouring billions into AI infrastructure. Amazon is reportedly on track to spend nearly $200 billion on capital expenditures in 2026, with a big chunk directed at AI and cloud infrastructure.
Meanwhile, the so-called "second wave" of AI adoption is gaining steam. The market has recently started favoring "AI monetizers" over pure "AI builders." Over the past few weeks, investors have piled into Alphabet after it posted strong AI-driven cloud growth. The message from Wall Street is clear: it's not enough to just supply chips and hardware — investors want to see companies converting AI investments into real revenue.
On Wednesday, Nebius Group posted explosive quarterly results fueled by soaring AI spending, sending its shares surging double digits. That's another sign that investor appetite for AI infrastructure plays is far from saturated.
ProShares is looking to capitalize on both the first and second waves of AI adoption with this new ETF. It's a bet that the infrastructure theme has legs — and that traders want a leveraged way to play it.
ETF Issuers Are Racing to Capture AI Demand
The proposed fund also highlights the intensifying competition among ETF issuers to launch increasingly niche AI-focused products. Over the past year, we've seen launches tied to AI robotics, humanoid automation, semiconductor ecosystems, cloud computing, and AI-powered industrial systems. Leveraged and options-based AI products have also gained traction as traders seek amplified exposure to one of the market's strongest momentum themes.
ProShares' filing is the latest example of issuers trying to get ahead of the curve. Whether the Ultra AI Computing Power ETF will be a hit depends on how long the AI infrastructure trade stays hot — but for now, the filing alone is enough to get traders talking.
