New memory ETFs challenge DRAM after record $25B rally
New memory ETFs are launching to compete with the Roundhill Memory ETF (DRAM), which has pulled in more than $25 billion since its April debut and overtaken the iShares MSCI South Korea ETF (EWY). The rush follows a historic DRAM rally tied to AI-driven memory demand, but SK Hynix's Nasdaq listing may test whether investors still need a fund wrapper.
Key Takeaways
- Roundhill's DRAM ETF surpassed $25 billion in assets and overtook EWY less than four months after launching on April 2, 2026.
- Rivals including Kurv's KMEM, Tema's DISK, and Tuttle's HBMX have launched with far smaller inflows as they chase the same memory theme.
- SK Hynix's $26.5 billion Nasdaq debut under ticker SKHY gives U.S. investors direct access to a stock that made up roughly one-quarter of DRAM's portfolio.
- Analysts warn DRAM could face outflows now that its rare SK Hynix exposure is available as a standalone U.S. listing.
Why Did DRAM Become the Fastest-Growing Memory ETF?
The Roundhill Memory ETF began trading April 2 as the first U.S.-listed fund focused exclusively on memory and data-storage companies, according to Crypto Adventure. It charged a 0.65% expense ratio and gave investors a single-ticker route into Micron, Samsung, and SK Hynix.
DRAM reached $1 billion in assets within 19 days, pulled nearly $10 billion during June alone, and ended the month at $25.53 billion. Through June, net inflows topped $20 billion. The fund gained 166% from its April debut through the end of June, with roughly 75% of the portfolio in its top three holdings.
Which New ETFs Are Challenging DRAM?
DRAM's runaway success drew copycats. Several issuers launched competing memory-themed funds in mid-2026, as reported by ETF.com. The Kurv Memory Select ETF (KMEM) and Tema Memory ETF (DISK) both listed on June 30, while the Tuttle Capital Concentrated Memory Stack ETF (HBMX) debuted June 2.
Morningstar data cited by ETF.com showed DISK at about $43 million in assets, KMEM with roughly $40 million in net flows, and HBMX near $34 million — a fraction of DRAM's scale. Kurv CEO Howard Chan told ETF.com that high-bandwidth memory supply is sold out through 2027, arguing the AI bottleneck will keep money flowing into the sector. For more thematic fund coverage, see our Fintech & Crypto Alerts section.
Could SK Hynix's U.S. Listing Hurt DRAM?
On July 10, SK Hynix debuted on the Nasdaq through a $26.5 billion American depositary receipt offering priced at $149 under ticker SKHY, according to Yahoo Finance. The listing gave U.S. investors direct access to one of the world's leading HBM producers.
Before DRAM's launch, U.S. investors seeking memory exposure outside Micron often relied on overseas accounts or broad proxies like EWY. Barchart analysis cited by Yahoo Finance warned that once SKHY trades freely, the case for holding DRAM mainly to access SK Hynix weakens. VettaFi's Todd Rosenbluth told ETF.com that SK Hynix "maybe changes the game," comparing the shift to space-themed ETFs that lost assets after SpaceX listed.
What Happened to the South Korea ETF Rival?
DRAM's ascent came partly at EWY's expense. The iShares MSCI South Korea ETF held about $21.85 billion on July 10, falling behind the younger memory fund despite gaining more than 85% in 2026. EWY had attracted roughly $6 billion in 2026 before DRAM launched, then recorded about $2 billion in outflows as DRAM absorbed approximately $22 billion in new capital.
The two portfolios share about 46% overlap, with Samsung and SK Hynix driving much of the shared exposure. DRAM strips out EWY's banks and industrial names for a concentrated global memory portfolio. Whether fresh rivals or a direct SK Hynix listing ultimately slow DRAM's momentum is now the question Wall Street is watching.