First Pure-Play Memory ETF, DRAM, Lists in US to Target Core AI Suppliers

Artificial-intelligence servers require increasingly large volumes of high-bandwidth memory, or HBM, turning memory chips into a critical constraint in data-center expansion. The Roundhill Memory ETF, trading under DRAM, offers targeted exposure to producers of HBM, conventional DRAM, NAND flash and enterprise storage. That focus provides a more direct AI-memory trade than broad semiconductor funds, but also ties returns closely to a notoriously cyclical industry dominated by a handful of suppliers.

Roundhill Investments launched DRAM on Cboe BZX on April 2, 2026, with an initial portfolio of nine companies. Samsung Electronics, SK hynix and Micron Technology each accounted for roughly 24% to 25%, putting their combined weight near three-quarters of the fund. DRAM charges an annual expense ratio of 0.65%, compared with 0.33% for the iShares Semiconductor ETF, or SOXX. Investors also face memory-price swings, issuer concentration and counterparty or liquidity risks from the fund’s use of total-return swaps.

SemiAnalysis and Tema ETFs have jointly launched the Tema Memory ETF (DISK), targeting the supply chains for NAND, DRAM and high-bandwidth memory, a critical component in AI servers. Demand for AI computing is increasing the importance of HBM. DISK uses a diversified holdings strategy and includes Taiwanese companies Innodisk and Nanya Technology.

The latest breakdown of the fund’s holdings shows that DISK invests not only in international memory manufacturers but also in Taiwan’s supply chain through Innodisk and Nanya Technology. However, the available event data does not provide the ETF’s listing date, assets under management, individual stock weightings or management fee. Those figures should be checked against Tema ETFs’ latest public filings.