Roundhill Robotaxi, Autonomous Vehicles & Technology ETF (CABZ)

The Roundhill Robotaxi, Autonomous Vehicles & Technology ETF (CABZ) is an actively managed equity fund launched in January 2026 to capture the emergence of autonomous vehicle fleets as a commercial reality. The fund holds companies across the supply chain—from makers of self-driving software and lidar sensors to platform operators deploying robotaxis in cities.

“Robotaxis are moving from trials and pilot programs into full-scale commercial deployment.”

The autonomous vehicle ecosystem

The robotaxi opportunity spans the entire ecosystem of companies enabling self-driving vehicles. At the foundation are the hardware makers: lidar manufacturers such as Ouster and Aeva Technologies who provide the sensors that let autonomous vehicles perceive their surroundings. Above them are the software and AI companies—firms developing end-to-end autonomous driving stacks that run the vehicle’s decision-making. Then come the integrators and vehicle builders, including Tesla and others producing robotaxis for commercial service. At the top sit the platform operators like Waymo and others who own and dispatch robotaxi fleets in cities. Roundhill’s investment committee selects from this entire chain based on their view of which companies will be essential to the industry’s infrastructure.

The fund is non-diversified, meaning it can hold a larger percentage of its assets in any single name than a diversified fund can. Concentration allows the manager to take a strong position in a core holding they see as integral to robotaxis’ success, but it also amplifies volatility. Tesla, a leader in autonomous driving development, is the fund’s largest position at around 8 percent of assets. Alphabet, Uber, and Baidu round out the top holdings, each bringing different assets to the self-driving ecosystem.

Volatility and timing risk

Autonomous vehicle companies trade on a timeline that does not match revenue reality. Waymo launched the first driverless robotaxi service available to the public in the American Southwest in 2023, followed by expansion into San Francisco and other cities. Tesla has announced plans for a robotaxi fleet. Yet most of these services remain nascent, with operating footprints measured in single cities and fleets in the hundreds or low thousands of vehicles. The industry faces regulatory uncertainty—cities and states must decide whether to permit robotaxis to operate, under what safety requirements, and with what insurance frameworks. Individual company announcements about progress, partnerships, or regulatory setbacks can swing the stock price of CABZ holdings sharply.

The fund launched at a moment of genuine excitement about robotaxis becoming a transportation reality rather than a speculative future, but that narrative can easily reverse if a high-profile robotaxi accident occurs, regulators slow permitting, or operating costs prove higher than expected. CABZ’s concentrated bet on a narrow, capital-intensive theme means its returns will be far more volatile than the broader stock market, and it can move sharply down as well as up.

Investment approach and costs

Roundhill’s team manages the fund actively rather than tracking an index, allowing them to shift weightings and holdings as the autonomous vehicle landscape evolves. The fund’s 0.59 percent expense ratio is reasonable for an actively managed equity ETF but not cheap. The fund trades like a standard equity ETF on the stock exchange and supports options trading, which is useful for investors wanting to hedge or structure positions.

Who this fund is for

CABZ is built for investors who believe robotaxis will be a transformational transportation industry and can tolerate sharp price swings in a concentrated, early-stage theme. It is not for investors seeking broad market exposure or current income. Because the industry is young and the outcome uncertain, a position in CABZ should be sized accordingly—neither as a core holding nor as a substitute for diversified exposure to technology or transportation. Investors should understand that robotaxi companies depend significantly on regulatory approvals and public-sector demand, and that permitting delays or safety concerns could materially impair returns.

Research should begin with the prospectus and a review of each top holding’s recent investor presentations. Watching regulatory filings, testing robotaxi services where available, and tracking trends in autonomous vehicle safety and adoption can all inform whether the fund’s concentrated bet aligns with your conviction about the industry’s trajectory.