Roundhill’s memory chip ETF parks more than a quarter of its assets in a single stock

A semiconductor ETF that didn’t exist five months ago now manages $27.44 billion in assets. The Roundhill Memory ETF, trading under the ticker DRAM (because of course it does), has returned roughly 161.51% since its April 2 launch. And its biggest bet, by a wide margin, is Micron Technology. As of mid-August, Micron accounted for 25.42% of the fund’s total allocation. That’s more than a quarter of a $27B+ portfolio riding on a single chipmaker. What DRAM actually is The fund targets companies that derive at least half their revenue from memory-related products. Think DRAM chips, NAND flash, solid-state drives, hard disk drives, and the high-bandwidth memory (HBM) modules that have become the backbone of AI infrastructure. The portfolio holds 24 names in total, with heavy representation from the three companies that essentially oligopolize the memory market: Micron, Samsung, and SK Hynix. Roundhill charges an expense ratio of 0.65% for the privilege. The fund’s share price recently hovered around $57. Roundhill apparently liked the thesis enough to double down. On June 24, the firm launched a leveraged counterpart called RAM, designed to amplify the daily returns of the same memory ...