Roundhill Investments and T-REX today launched the Roundhill T-REX 2X Long DRAM Daily Target ETF (RAM), a leveraged product designed to track twice the daily performance of the Roundhill Memory ETF (DRAM) as surging demand for memory chips in artificial intelligence infrastructure continues to accelerate investor interest in the sector.
RAM began trading on June 24, 2026, and seeks 2X daily long exposure to DRAM, which launched on April 2, 2026, and has become the most successful ETF debut in history. In just over two months, DRAM has accumulated more than $20 billion in assets under management with a total return of 179.84%, according to the press release announced earlier today.
The base DRAM ETF provides exposure to global companies engaged in memory-related activities, including manufacturers and developers of DRAM, NAND, and other storage technologies. The rapid adoption of DRAM reflects what investors see as a critical bottleneck in the AI buildout: memory chips are essential infrastructure for training and running large language models, but supply is constrained.
Dave Mazza, CEO of Roundhill Investments, said in the announcement that “memory is the critical bottleneck of the AI buildout” and that RAM gives active traders a leveraged tool to express conviction on the memory cycle. The collaboration partners T-REX, a joint venture between REX Shares and Tuttle Capital Management, which specializes in leveraged and inverse ETF products.
Why Memory Demand Is Surging
The memory chip shortage is being driven by explosive demand from data center operators building out AI infrastructure. Global semiconductor revenue is projected to increase 62.7% year-over-year in 2026, with the strongest growth in DRAM and NAND due to supply shortages, according to industry data cited in earlier reporting on the DRAM ETF’s launch.
Contract prices for memory chips surged over 90% quarter-over-quarter in early 2026, and the supply-demand imbalance is expected to persist into 2028, according to Dave Mazza’s commentary from May 2026. DRAM prices themselves have nearly doubled in the first quarter of 2026 alone, driven by high demand from AI infrastructure, according to a June report on memory pricing.
The DRAM ETF’s top holdings include Micron Technology, Samsung Electronics, SK Hynix, and SanDisk, all companies that stand to benefit from the sustained memory buildout. Micron’s stock alone soared nearly 20% in May 2026, lifting its market value above $1 trillion and significantly boosting the underlying ETF’s value.
Leveraged ETFs and Risk
RAM is designed for active traders and comes with substantial risk. Leveraged ETFs rebalance daily, which means their performance over longer periods will differ from simply doubling the underlying ETF’s multi-day return. In volatile markets, compounding effects can amplify losses beyond the stated 2X multiple.
The prospectus for RAM explicitly warns that the fund is not suitable for all investors and should be used only by sophisticated investors who understand leverage risk and intend to actively monitor their positions. The fund can lose money even if the underlying DRAM ETF rises in value over time, depending on volatility and holding periods.
Despite these risks, the launch reflects the intensity of investor demand for memory exposure. DRAM itself became the fastest-growing ETF ever, crossing $1 billion in assets in just 10 trading days after its April launch and reaching $6 billion in five weeks. The base ETF has returned 134% in its first 10 weeks of trading, far outpacing the S&P 500.
Sources
- PR Newswire — Roundhill Investments & T-REX launch announcement with details on RAM’s investment objective, DRAM’s $20 billion AUM, 179.84% total return, and CEO commentary on memory as a bottleneck
- Roundhill Investments — Official website confirming RAM began trading June 24, 2026, and DRAM began trading April 2, 2026
- MarketWatch / Morningstar — DRAM’s rapid asset accumulation and 98% gain since inception as of May 2026
- CNBC — Dave Mazza commentary on supply-demand imbalance extending into 2028 and memory as the biggest bottleneck in AI buildout
- Stocktwits — Global semiconductor revenue projected to increase 62.7% YoY in 2026, with strongest growth in DRAM and NAND due to supply shortages
- Soka Technology — DRAM price surge in 2026 driven by AI infrastructure demand, with prices nearly doubling in Q1 2026
- Investopedia — Memory shortage driven by AI data center demand; Micron stock surge to $1 trillion market value in May 2026
- 24/7 Wall St. — DRAM returned 134% in first 10 weeks of trading while S&P 500 returned 13%
