Roundhill’s DRAM ETF Tops $10 Billion

Roundhill’s Memory ETF, trading as DRAM, passed $10 billion in assets on May 15, 2026. Launched in April 2026, the fund gathered billions of dollars within weeks as investors sought exposure to companies that make memory chips used in artificial intelligence systems.

At launch and in early trading, Micron Technology represented about 27% of the fund, while SK Hynix and Samsung Electronics each accounted for roughly 20% or more. The ETF also holds smaller stakes in companies including Western Digital and Nanya Technology, making it a concentrated vehicle for memory-chip exposure.

Roundhill structured DRAM as an actively managed ETF focused on memory-related firms. Portfolio managers can change holdings over time, and the fund’s returns will closely track the performance of its largest positions.

Todd Rosenbluth, head of research at VettaFi, noted two factors behind the rapid inflows: renewed investor focus on AI-related hardware and limited direct access for some U.S. investors to Korean mega-cap chipmakers. He pointed to recent strong weekly gains in Micron and positive moves in Korean stocks as contributors to DRAM’s performance.

Market comparisons include broader semiconductor funds. The VanEck Semiconductor ETF, SMH, manages about $65 billion and holds a wider roster of chipmakers, including Taiwan Semiconductor. SMH allocates roughly 6% to 7% to Micron, a smaller single-stock weight than DRAM.

The ETF experienced sharp intraday swings during early trading; at one point it fell about 7% in a single session. The fund’s rapid asset gathering after launch places emphasis on its concentrated holdings and price volatility.

Rosenbluth advised caution on the fund’s concentration, offering a direct quote: ‘If you’re going to go into this ETF, you need to go into it with your eyes wide open.’