Remember when robotaxis were mostly a topic for conference presentations and carefully controlled demonstrations? That era is ending. Self-driving cars are now carrying paying passengers at meaningful scale, and Roundhill Investments thinks the shift warrants its own ETF.

On Wednesday, Roundhill unveiled the Roundhill Robotaxi, Autonomous Vehicles & Technology ETF CABZ, an actively managed fund designed to capture the autonomous driving industry as it matures from promise to profit. The timing isn't random. Self-driving fleets are expanding beyond limited city trials into broader commercial operations, with 2026 increasingly seen as a pivotal year for real-world adoption.

Dave Mazza, CEO of Roundhill Investments, pointed to accelerating ride volumes, miles driven, and commercial activity as evidence that robotaxis have reached an inflection point. In plain terms, autonomy is starting to look less like science fiction and more like an actual business.

The Numbers Are Getting Real

And the data backs that up. Alphabet Inc. (GOOGL)-backed Waymo reported that its ridership tripled in 2025 to approximately 15 million rides, with a potential path to 20 million by the end of this year. Meanwhile in China, operators including Baidu Inc. (BIDU), WeRide Inc. (WRD), and Pony AI Inc. (PONY) are pushing beyond major metropolitan areas and expanding into markets across the Middle East and Europe. Goldman Sachs estimates the robotaxi market could hit $7.3 billion in North America and $11.7 billion in China by 2030, with U.S. growth potentially hitting 90% annually.

Those aren't hypothetical projections based on optimistic assumptions anymore. They're rooted in fleets that are already operating and generating revenue.

Betting on the Whole Ecosystem

CABZ's approach is to capture that momentum across the entire value chain rather than picking a single winner. The fund invests globally in companies connected to autonomous mobility, including vehicle manufacturers, platform operators, and technology suppliers spanning hardware, software, artificial intelligence, and automation systems.

The ETF's top holdings reflect this ecosystem strategy. Tesla Inc. (TSLA) leads the portfolio at 8.42%, tied to its autonomous driving ambitions and Cybercab concept. Alphabet comes next through its Waymo subsidiary, alongside Uber Technologies Inc. (UBER), which plays an enabling role as ride-hailing platforms increasingly integrate autonomous fleets. Chinese leaders Baidu, WeRide, and Pony AI round out the core robotaxi exposure, highlighting China's central position in global autonomous vehicle deployment.

The Picks and Shovels Play

CABZ also leans heavily into the infrastructure side of the equation. Aeva Technologies Inc. (AEVA), Hesai Group (HSAI), and RoboSense supply the LiDAR systems that are critical for vehicle perception and navigation. Meanwhile, Nvidia Corp. (NVDA) anchors the AI computing power that drives advanced driver-assistance systems and full autonomy.

This is the classic "selling shovels during a gold rush" strategy, updated for the robotaxi era. Whether Tesla or Waymo or Baidu ultimately dominates the consumer-facing robotaxi market, they'll all need sensors and chips to make their vehicles work.

Why Now?

Roundhill's fundamental bet is that investors shouldn't have to choose between pure-play autonomous vehicle developers and diversified tech giants with AV divisions. Instead, CABZ packages the full robotaxi technology stack into one actively managed fund.

The launch reflects a broader market view that autonomous vehicles are transitioning from the "this might work someday" phase to the "this is working now and the question is how fast it scales" phase. When Waymo can triple its ridership in a single year and Chinese operators are expanding internationally, the technology has crossed a threshold.

Whether the robotaxi market hits Goldman's projections remains to be seen. But with real rides happening at scale and commercial models taking shape, the industry has moved well past the point where it can be dismissed as vaporware.