Roundhill Files ETF Focused on Pure-Play LLM Developers

The Roundhill LLM ETF (AIMO) will target companies whose businesses are directly tied to large language models (LLMs). To qualify, companies generally must derive at least 50% of revenue or profits from developing, training, maintaining, or selling LLM products. The actively-managed fund will primarily hold equities but may also use swaps and forwards for exposure. Holdings will typically be large-cap firms with significant market share in the LLM ecosystem, weighted using a modified market-cap approach with a 40% cap on any single stock. The filing represents one of the first ETFs specifically focused on pure-play LLM companies rather than broader AI themes.