Roundhill Memory ETF Hits $6.2 Billion in 30 Days

The Roundhill Memory ETF has gathered $6.25 billion in assets within its first 30 days of trading, Benzinga reported Sunday, making it one of the fastest-growing fund launches on record.

The fund, which trades on BATS under the ticker DRAM, has also climbed more than 80% since its April debut. It carries an expense ratio of 0.68%.

AI Demand Supercharges Memory Chip Holdings

The Roundhill Memory ETF holds just 13 companies, all major players in the memory chip industry. Micron Technology (MU) commands the largest weighting. Other key positions include South Korea’s SK Hynix, SanDisk, Kioxia, Seagate Technology, and Western Digital.

Each of those names has posted extraordinary gains in recent months. SanDisk has surged roughly 540% year-to-date and more than 4,000% over the past 12 months. Seagate is up approximately 177% this year, while Micron and SK Hynix have each gained more than 150%.

The driving force behind those moves is surging AI infrastructure spending. Memory prices reportedly climbed between 80% and 90% in the first quarter alone.

Strong Earnings Back Up the Rally

The gains are not simply speculative. SanDisk’s most recent quarterly revenue nearly doubled year-over-year to $5.95 billion. Micron reported fiscal second-quarter revenue of $23.5 billion, up 75%, and signaled continued margin expansion ahead. Seagate posted revenue of $3.1 billion, with CEO Dave Mosley characterizing the results as the start of a new phase of structural growth.

Underpinning that demand is a surge in data center capital expenditure. The four largest hyperscaler spenders, Microsoft, Meta Platforms, Amazon, and Google, are collectively targeting $725 billion in capex this year. A substantial share of those budgets flows directly into GPUs and memory components.

Also Read: Micron Earnings Beat Forecasts as AI Storage Demand Accelerates

Valuations Look Reasonable, But Overbought Signals Flash

Not everyone is convinced the rally has legs. Investor Michael Burry has publicly warned of bubble conditions in the memory chip sector.

Yet current valuation multiples appear modest by broader market standards. Micron trades at roughly 12 times forward earnings, well below the S&P 500’s multiple near 21. SanDisk and Western Digital sit in the mid-20s range.

The more pressing concern may be momentum. DRAM’s Relative Strength Index has climbed to 83, deep in overbought territory. Micron’s RSI sits near 84, and SanDisk’s has crossed 80. Those readings, combined with large deviations from historical moving averages, raise the prospect of a sharp pullback driven by profit-taking.

Read Next: AI Infrastructure Spending Is Rewriting the Rules for Chip Stocks