DRAM

Roundhill Memory ETF

Roundhill Investments

The first US-listed memory pure-play — an actively managed (no tracked index) basket of semiconductor-memory makers spanning HBM, DRAM, NAND/SSD, NOR and HDD, screening for companies with ≥50% of revenue/profit from memory. Adviser-run modified-market-cap weighting with a 25% single-name cap, rebalanced at least quarterly, at a 0.65% expense ratio. Holds direct equity plus total-return swaps (to reach the Korea-listed names that have no US ADRs) backed by a large T-bill collateral sleeve, so raw line-items split a company across legs and sum to >100% gross. On a consolidated economic basis it is effectively ~6 operating names plus cash, dominated by the Samsung / SK Hynix / Micron memory oligopoly (top-3 ~73%, of which the Korea duopoly is ~half).