OK Computer Power ETF files third application for compute futures that don't exist yet

Wall Street has a habit of building the financial plumbing before the water is even turned on. The OK Computer Power ETF just became the third fund to file for an ETF centered on compute futures, a product category that, as of right now, doesn’t actually trade anywhere.

Bloomberg ETF analyst James Seyffart flagged the filing on May 21, 2026, noting it joins Roundhill’s Compute ETF (proposed ticker GPUX) and the ProShares AI Computing Power ETF in the queue. All three are designed to hold futures contracts tied to GPU computing costs. The catch: those futures contracts are still waiting on regulatory approval.

The futures market that started all of this

The foundation for this rush traces back to May 12, 2026, when CME Group and Silicon Data announced plans to launch the first-ever compute futures market. The contracts would be priced using Silicon Data’s daily GPU on-demand rental rate benchmarks, essentially creating an index that tracks what it costs to rent raw computing power on any given day.

The project has been labeled “first-in-class,” and it involves former DRW trader Carmen Li in developing the indices that will underpin these contracts. CME and Silicon Data expect to begin trading later in 2026, pending the green light from regulators.