NanyaTech and Winbond Electric are added! A memory-heavy ETF is here: US-listed DRAM constituent stocks and a fee breakdown

An ETF that directly bets on the memory industry has officially launched. The memory-themed ETF issued by Roundhill—DRAM (Roundhill Memory ETF)—began trading in U.S. stocks on April 2, 2026, and is positioned as the market’s first “pure-play memory ETF.” Companies deriving more than 50% of their revenue from HBM, DRAM, and NAND are eligible for inclusion.

The ETF heavily weights Micron (24.63%), Samsung (24.11%), and SK hynix (23.08%), and includes SanDisk (4.90%), Kioxia (4.86%), Western Digital (4.77%), Seagate (4.73%), Nanya (3.89%), and Winbond (2.40%). For the full list of holdings and fee rates, see the full article.

DRAM active ETF fee: 0.65%

DRAM is an actively managed ETF with a fee of 0.65%. Its current asset size is about $250k, with only 9 holdings, making it a highly concentrated, thematic ETF. Compared with traditional semiconductor ETFs (such as those with broad exposure spanning design, equipment, and foundry), DRAM emphasizes a “pure play”—meaning it invests only in memory-related companies, directly betting on the AI era’s most critical data storage and bandwidth demand.

DRAM ETF exposure to Micron, Samsung, and SK hynix

Judging by the portfolio composition, the ETF clearly overweights the three major memory giants: Micron Technology (24.63%), Samsung Electronics (24.11%), and SK hynix (23.08%). Combined, their weights exceed 70%, essentially locking in the core supply side for DRAM and HBM.

It’s worth noting that this allocation also makes DRAM’s exposure purity to Korea’s two memory champions, SK hynix and Samsung Electronics, higher than another buzzworthy Korea-focused ETF: EWY.

In addition, the ETF also includes Taiwan’s memory manufacturers, including Nanya (3.89%) and Winbond (2.40%). Other holdings also include Kioxia, SanDisk, Western Digital, and Seagate Technology, covering the NAND and storage device supply chain, though their overall weights are relatively lower.

DRAM is like stacking leverage to double down on memory stocks

Another structural feature to pay attention to is that the ETF uses total return swaps to hold part of its assets to meet the U.S. RIC (Regulated Investment Company) diversification requirements. This also means its actual exposure may differ somewhat from traditional equity spot holdings, increasing the product’s structural complexity.

To add context, ETFs that build positions using derivatives differ in nature from ETFs that generally “buy stocks directly.” Traditional ETFs typically hold the component stocks using investors’ funds directly, making asset allocation and net asset value relatively straightforward; but with a structure like DRAM’s, part of the cash is used as collateral margin, and exposure to a specific industry is amplified through contracts—meaning the overall investment position could exceed 100%.

DRAM is a thematic ETF that is highly focused on a single industry. Products like this may deliver significant excess returns during the upcycle in AI, but they also amplify cyclical risk. The memory industry itself has strong price-cycle characteristics; once supply and demand reverse, stock price volatility is often much higher than that of general semiconductor ETFs or broad market indices.

This article, “Nanya and Winbond get added to the roster! ETF fully betting on memory launches: U.S. DRAM holdings and fee breakdown,” first appeared on Chain News ABMedia.