New York, May 12, 2026, 10:09 EDT
Roundhill Investments’ Memory ETF, trading under the ticker DRAM, has ballooned to $6.5 billion in assets under management just 36 days post-launch—a blistering pace that highlights heavy demand for exposure to memory chip makers in the AI hardware boom. On this day, shares changed hands at $52.44 in New York, slipping roughly 4.8% after an earlier surge.
This shift is worth noting: the AI rally isn’t sticking just to Nvidia or the usual chip ETFs anymore. Focus is tilting toward supply chain areas considered tight. DRAM zeroes in on firms producing high-bandwidth memory (HBM)—that’s the speedy memory paired with AI processors—plus NAND storage and dynamic random-access memory, both crucial for shuttling data to chips.
The pace of ETF issuer response is striking. A preliminary SEC filing from May 8 reveals Themes ETF Trust is looking to roll out the Leverage Shares 2X Long Memory Daily ETF—a fund built to target double the daily returns of DRAM, tailored for short-term traders, not the buy-and-hold crowd.
Roundhill rolled out DRAM on April 2, touting it as the first ETF dedicated to memory. The debut basket leaned heavily on Samsung Electronics, SK Hynix, and Micron Technology, each making up close to 24%. “Memory is moving to the center” of AI and is now “a key constraint” for AI development, Roundhill chief executive Dave Mazza said at the time. PR Newswire
Aniket Ullal, who leads ETF research and analytics at CFRA Research, described DRAM as offering investors a “specific and differentiated trade idea”—noting it’s the first ETF zeroing in on HBM stocks. “It’s an incredibly successful launch,” he told MarketWatch. MarketWatch
This wasn’t accidental—it’s exactly how the portfolio was built. According to Investopedia, Micron, SK Hynix, and Samsung together made up close to 75% of the fund. Micron posted a gain of over 175% this year, SK Hynix climbed about 190%, and Samsung added roughly 140%. SanDisk, though a smaller stake, soared 560%.
Other chip funds have rallied as well, though DRAM stands out. The Invesco Semiconductors ETF has climbed 97% this year. First Trust’s Nasdaq Semiconductor ETF rose 90%, and Xtrackers’ semiconductor fund advanced 82%, Investopedia reports.
Retail investors have been piling in. According to Vanda Research, DRAM has attracted more than $150 million in retail net buying so far this month—outpacing Nvidia, Micron, and Palantir. The firm dubbed it a “poster child” for the ongoing semiconductor rush. MarketWatch
There’s a flip side to the DRAM boost—high concentration can swing against investors just as quickly. Nasdaq’s trading circular flags several risks for the fund: concentration, sector exposure, market trading risk, and the chance shares may stray from net asset value. The planned leveraged product ups the ante, cautioning that holding it beyond a single session or in choppy markets could mean losses.
Right now, the fund’s leaned into the chip-supply squeeze, morphing it into one of the ETF market’s quickest asset magnets. But staying power here isn’t really about the ticker’s early hype; it’s about where memory prices go, how AI data-center budgets shape up, and what Micron, Samsung and SK Hynix post on the earnings front.
