DISK offers concentrated exposure to AI’s memory bottleneck, with a $55.65 probability-weighted five-year target but substantial cyclical and geopolitical risk.
Overview
Tema Memory ETF (DISK) is an actively managed, concentrated vehicle for global memory and storage companies, launched June 30, 2026 and managed by Yuri Khodjamirian, CFA, and Hong Yi Chen, CFA, in partnership with SemiAnalysis. The fund normally invests at least 80% of assets in memory-related equities and requires portfolio companies to derive at least 50% of annual revenue from economically tied memory activities. As of July 31, 2026, DISK had $77.35 million of AUM, an 18-stock portfolio, a $33.06 NAV, a $32.54 market price, and a 0.75% expense ratio. **Its competitive differentiation is focused exposure to memory rather than broad semiconductor indexes dominated by logic and foundry companies.** The underlying sector benefits from AI-driven HBM and enterprise SSD demand, high fabrication costs, advanced packaging complexity, and increasingly important multi-year customer agreements. Core holdings are reporting exceptional results, including Micron revenue growth of 346% year over year and SK Hynix’s 76% operating margin. The principal near-term catalysts are HBM4 scaling, enterprise SSD expansion, and a potential Kioxia U.S. ADS listing. The report’s probability-weighted five-year price target is $55.65 versus a $28.04 baseline, implying a 98.5% total return.