Roundhill Memory ETF

Pure-play exposure to the global semiconductor memory & storage industry (DRAM, NAND flash, HBM, SSDs).

Why This Week?

The AI revolution runs on memory. Every GPU, every data center, every AI training run needs massive amounts of High-Bandwidth Memory (HBM). DRAM is the only ETF that gives you pure-play access to this critical bottleneck. With hyperscaler capex exceeding $700B in 2026 and HBM demand outstripping supply, the memory supercycle is in full swing — and this fund has returned ~78% since its April 2026 launch.

Key Metrics

Since Inception Return

~78%

Inception Date

Apr 2, 2026

Number of Holdings

~15-16

Management Style

Active

Expense Ratio (TER)

0.65%

AUM

$20B+

Top Holdings

8 holdings shown. Weights are approximate.

#NameWeight

MUMicron Technology

~25%

000660.KSSK Hynix

~25%

005930.KSSamsung Electronics

~20%

285A.TKioxia Holdings

~8%

SNDKSanDisk

~5%

STXSeagate Technology

~4%

WDCWestern Digital

~4%

2408.TWNanya Technology

~3%

Pros & Cons

Strengths

Only ETF with pure-play exposure to the memory/HBM semiconductor niche
Captures the AI infrastructure bottleneck thesis directly
Global reach — accesses SK Hynix and Samsung via total-return swaps
Explosive growth: ~78% return in first 2.5 months
Active management can adjust to rapidly changing memory market dynamics

Risks & Weaknesses

Very high concentration risk — top 3 holdings = ~70% of the fund
Higher expense ratio (0.65%) vs broad semi ETFs like SMH (0.35%) or SOXX (0.34%)
Only 2.5 months of track record — no through-cycle data
Memory is highly cyclical — sharp downturns possible if AI spending slows
Uses derivatives (total-return swaps) which add counterparty risk
Extreme sector concentration — all eggs in one basket

Alternatives Comparison

ETF	Name	TER	Focus
DRAMThis Week	Roundhill Memory ETF	0.65%	Pure-play exposure to the global semiconductor memory & storage industry (DRAM, NAND flash, HBM, SSDs).
SMH	VanEck Semiconductor ETF	0.35%	Broad semiconductor exposure, Nvidia/TSMC heavy
SOXX	iShares Semiconductor ETF	0.34%	Broader, more diversified semiconductor exposure
SOXQ	Invesco PHLX Semiconductor ETF	0.19%	Lowest cost semiconductor ETF option

💬 Frequently Asked Questions

DRAM is the Roundhill Memory ETF, an actively managed fund launched in April 2026 that provides pure-play exposure to the global semiconductor memory and storage industry. It focuses on companies producing DRAM chips, NAND flash memory, HBM (High-Bandwidth Memory), and SSDs.

While SMH and SOXX provide broad semiconductor exposure (including GPU makers like Nvidia, chip designers like AMD, and equipment makers like ASML), DRAM focuses exclusively on the memory and storage niche. This makes it a more concentrated, thematic bet on the memory supercycle driven by AI infrastructure demand.

AI workloads require enormous amounts of High-Bandwidth Memory (HBM). Every AI GPU (like Nvidia's H100/B200) needs multiple HBM stacks to feed data to the processors fast enough. As AI models get larger and more data centers are built, memory demand is growing faster than any other component in the AI stack.

DRAM has shown explosive returns (~78% in 2.5 months), but it's important to note that memory semiconductors are highly cyclical. The fund has no through-cycle track record, is extremely concentrated (top 3 = ~70%), and charges a higher fee than alternatives. It may suit investors with a specific thesis on the memory supercycle, but broad semiconductor ETFs like SMH or SOXX may be more prudent for long-term core holdings.

Key risks include: extreme concentration (top 3 holdings = ~70%), cyclicality of the memory market, use of derivatives (total-return swaps for Korean exposure), higher expense ratio (0.65%), geopolitical risks (US-China trade tensions affecting chip supply chains), and the risk that AI capex growth could slow or that memory capacity overshoots demand.

DRAM launched in April 2026, so it doesn't have enough history for meaningful backtesting. However, you can use our backtester with SMH or SOXX as proxies for the broader semiconductor sector. For pure memory exposure comparison, you could also analyze Micron (MU) individually.

Want to Explore Further?

DRAM launched recently, so try backtesting SMH or SOXX as semiconductor proxies, or explore our ETF database for alternatives.

Backtest SMH + SOXX ETF Explorer

Disclaimer: ETF of the Week is educational content only. It is not investment advice, a recommendation to buy or sell, or an endorsement of any fund. Past performance does not guarantee future results. Always do your own research and consult a financial advisor before investing.