Roundhill Memory ETF Hits Record $12.18B AUM

Roundhill Memory ETF (DRAM) reached a record $12.18 billion in assets under management this week after its share price climbed to a record $62, about 120% above its all-time low. South Korea’s SK Hynix, U.S. chipmaker Micron and Samsung account for 77.7% of the fund.

The ETF has drawn large inflows amid rising demand for memory chips tied to artificial intelligence workloads. That demand has coincided with tighter global supply for DRAM and related memory products and higher revenue and profits across major suppliers. Data compiled this week show the fund is the fastest-growing ETF on record.

Recent corporate results from the ETF’s largest holdings illustrate the scale of gains in the sector. SK Hynix reported revenue of KRW 52 trillion ($37.8 billion), a 60% quarter-over-quarter increase and a 198% year-over-year rise. The company’s cash balance rose to KRW 54.3 trillion from KRW 14.3 trillion in Q1 2025, while its debt fell to KRW 19.32 trillion from KRW 23.3 trillion. Samsung’s chip division posted operating profit of KRW 53.7 trillion ($36.15 billion), up from KRW 1.1 trillion a year earlier, and said revenue for the unit increased sharply over the same period.

Other holdings including Micron, SanDisk, Seagate and Western Digital reported sales gains tied to tight supply and strong demand. Analyst projections cited this week show SanDisk revenue near $20 billion this year, a 165% increase, and roughly $42 billion next year; Micron revenue forecasts are about $109 billion this year, up about 193%, and roughly $173 billion next year; Seagate is projected to record about $12 billion and $16 billion in the next two fiscal years, respectively.

Investors in the ETF carry concentrated exposure: SK Hynix holds 29.9% of the fund, Micron 28.0% and Samsung 19.7%. The top three positions together make up 77.7% of assets, tying the ETF’s performance closely to the results and guidance of those companies. Rapid asset growth in ETFs can be associated with technical overbought conditions and greater volatility if earnings or guidance fall short of expectations.

Analysts cite long lead times and large capital requirements for adding DRAM capacity, which they say will limit near-term supply growth. That dynamic has supported higher margins and cash generation for several leading memory suppliers and has driven investor interest in funds focused on the sector.