Defiance launches DRAM-focused UCITS ETF for Europe

HANetf and Defiance have launched the Defiance Memory UCITS ETF (ticker DRAM), a Europe‑listed fund that invests in companies across the memory semiconductor and data storage value chain. The ETF targets firms involved in development, manufacturing, commercialisation and storage of DRAM, high-bandwidth memory (HBM) and solid-state drives (SSDs).

The fund will invest predominantly in companies whose business is tied to memory semiconductors and data storage, so its performance will track trends and disruptions in that sector. The product is rules-based and UCITS-compliant, offering a European-listed option to investors who have so far mainly accessed the theme through US-listed ETFs; the issuer says about USD 20 billion is invested in memory-themed ETFs in the US.

The launch comes amid rising memory prices and stronger demand from artificial intelligence workloads, cloud computing and hyperscale data centres. Major manufacturers are prioritising higher-margin products such as HBM and server-grade DRAM over commoditised consumer memory, redirecting capacity toward AI infrastructure. That reallocation has increased input costs and tightened availability for consumer devices. Analysts expect shortages this year, and Gartner forecasts DRAM and SSD prices could climb as much as 130% by the end of 2026.

DRAM is Defiance’s fourth European UCITS ETF since the firm entered the market earlier this year. The issuer presents the fund as a complement to Defiance’s AIPO ETF, which focuses on power infrastructure used in AI deployments.

The issuer warns that companies in the memory and storage sector face risks including rapid technological change and product obsolescence, dependence on intellectual property rights, intense competition, and swings in supply and demand. The sector is also sensitive to global IT spending and capital expenditure cycles, and to disruptions in manufacturing or distribution that could affect availability of memory and storage products.

Sylvia Jablonski, chief investment officer of Defiance ETFs, described the role of memory in AI: “Memory is the foundational layer of the AI economy. Every model training run, inference workload, and hyperscale data centre expansion depends on DRAM, HBM, and advanced storage.” Hector McNeil, co-founder and co-CEO of HANetf, added that the ETF “captures a sector that has seen significant growth recently, driven predominantly by the rise of AI and its infrastructure,” and that it complements Defiance’s existing AIPO offering.