DRAM offers concentrated exposure to an AI-driven memory supercycle, with contracted demand and HBM growth supporting upside but cyclicality, execution, and geopolitical risks still material.
Overview
Roundhill Memory ETF (DRAM) is an actively managed ETF investing in public companies deriving at least 50% of revenue or operating profit from memory and storage hardware, including DRAM, HBM, NAND, and SSDs. It combines physical shares with total return swaps to hold large positions in foreign leaders such as Samsung and SK Hynix while maintaining RIC tax compliance; its gross expense ratio is 0.65%. Launched April 1, 2026, the fund reportedly reached approximately $23.03–$24.07 billion in AUM and holds 22–29 positions, with top-ten exposure of about 108.37% including swap leverage. Its core thesis is that AI has made memory a customized, capacity-constrained infrastructure bottleneck rather than a simple commodity. Constituent results are exceptionally strong: Micron reported Q3 FY2026 revenue of $41.46 billion, 84.9% gross margin, and raised Q4 revenue guidance to $50.0 billion; Samsung projected record 107.4 trillion KRW Q3 operating profit. **The ETF trades at about 15.76x forward P/E**, with NAV of $57.32 and a reported price range of $51.48–$57.19. The five-year probability-weighted target is $136.66 from a $55.86 baseline. Near-term catalysts include HBM4/HBM4e ramps, customer agreements, and constrained supply; the key counterweights are cycle risk and execution.