What Is DRAM? Roundhill Memory ETF
Last updated September 2026
Short answer
DRAM is Roundhill Memory ETF, an ETF that tracks an index of memory-semiconductor companies at a 0.65% expense ratio. DRAM is a single-industry fund holding memory-semiconductor companies: the businesses that make DRAM and NAND flash rather than logic chips or chip-design software. It launched in 2026, so it has no meaningful track record, charges 0.65% which is many times a broad technology fund, and concentrates about 30% of assets in SK Hynix and Samsung Electronics alone. This is a thematic trade on the memory cycle, not a technology allocation.
DRAM is issued by Roundhill Investments and tracks an index of memory-semiconductor companies. It charges a 0.65% expense ratio, holds approximately $25.9B in assets under management, yields about n/a, and launched in 2026.
Memory is the most cyclical corner of semiconductors
Memory chips are close to a commodity. DRAM and NAND from different manufacturers are largely interchangeable, so pricing is set by supply and demand rather than by differentiation. That produces violent boom-and-bust cycles: when supply is tight, margins expand enormously; when capacity arrives, prices collapse.
This is a genuinely different business from logic semiconductors, where design advantages persist for years. Anyone treating DRAM as a general semiconductor fund is mispricing what they own. The right comparison is to an industrial commodity producer, with the cycle length measured in a couple of years rather than a decade.
What you are actually buying, and what it costs
SK Hynix at about 15.9% and Samsung Electronics at about 14.4% are roughly 30% of the fund between them, with SanDisk at 5.2% and Kioxia at 4.4% behind them. Technology is 100% of the sector weight, which is the definition of a single-industry fund.
The fee is 0.65%, against roughly 0.03% for a broad market fund and 0.38% or less for a broad technology fund. For a portfolio this concentrated, the fee is hard to justify on diversification grounds; you are paying for access to a specific theme in one ticker rather than for management of a diversified portfolio.
It launched in 2026, so there is no record through a full memory cycle. Given the cycle is the entire investment case, that absence matters more here than it would for a broad fund.
DRAM holdings: top 10
Approximate weights as of August 2026. Each ticker links to its individual stock guide in Walnut.
| Rank | Ticker | Company | % of DRAM | |
|---|---|---|---|---|
| 1 | SK Hynix | 15.9% | ||
| 2 | Samsung Electronics | 14.4% | ||
| 3 | SNDK | SanDisk | 5.2% | |
| 4 | Kioxia Holdings | 4.4% |
How do I invest in DRAM?
There are three common ways to get DRAM exposure. Buy shares (or fractional shares) of DRAM directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so DRAM sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. DRAM trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is DRAM a good buy?
Whether DRAM is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks an index of memory-semiconductor companies, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DRAM a buy?
The bottom line on DRAM
DRAM gives you an index of memory-semiconductor companies exposure in one ticker at a 0.65% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on DRAM
Whether DRAM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DRAM a buy?
DRAM yields n/a as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see DRAM dividend: yield and schedule.
New to funds like DRAM? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how DRAM fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in DRAM with AI
Connect the broker you already use and ask Walnut's AI how DRAM fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is DRAM?
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DRAM is the Roundhill Memory ETF. It holds memory-semiconductor companies, the businesses making DRAM and NAND flash chips, rather than the broader semiconductor industry. It charges 0.65%, holds about $25.9B, and launched in 2026.
How is memory different from other semiconductors?
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Memory chips are close to a commodity: DRAM from different manufacturers is largely interchangeable, so pricing is driven by supply and demand rather than design advantage. That makes the industry violently cyclical, unlike logic semiconductors where a design lead can persist for years.
How concentrated is DRAM?
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Very. SK Hynix at about 15.9% and Samsung Electronics at about 14.4% together are roughly 30% of the fund, with SanDisk at 5.2% and Kioxia at 4.4% behind them. Technology is 100% of the sector exposure. This is a single-industry position, not a technology allocation.
Is 0.65% expensive?
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Yes, by most comparisons. A broad market fund charges around 0.03% and a broad technology fund 0.38% or less. For a portfolio this concentrated you are paying for thematic access in one ticker rather than for diversified management.
Does DRAM have a track record?
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Barely. It launched in 2026, so it has not traded through a full memory cycle. Since the cycle is the entire investment case for this industry, the absence of that history matters more here than it would for a diversified fund.
Does DRAM pay a dividend?
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It does not report a meaningful distribution yield. Memory manufacturers reinvest heavily in fabrication capacity, which is enormously capital intensive, so income is not part of the proposition.
What would hurt DRAM most?
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A supply glut. Memory downturns typically arrive when manufacturers add capacity into softening demand, and prices can fall very sharply because the product is commoditised. Concentration in two Korean manufacturers also adds currency and geopolitical exposure.
Is DRAM a substitute for a semiconductor fund?
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No. A broad semiconductor fund holds logic designers, foundries and equipment makers alongside memory, which behave quite differently. DRAM isolates the most cyclical segment, which is a deliberate and much narrower bet.
What is DRAM's expense ratio?
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DRAM has an expense ratio of 0.65% per year as of August 2026, charged by Roundhill Investments and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $65 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track an index of memory-semiconductor companies before you choose.
How do I compare DRAM to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. DRAM's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to August 2026; verify current figures against Roundhill Investments's fund page or your broker before investing.