Roundhill Memory ETF

• DRAMB is a tokenised bStock representing Roundhill Memory ETF, giving price exposure to the underlying that can be traded around the clock.

• It is not a fund unit. Holding the token does not make you a shareholder of the fund and confers no rights against the fund or its manager.

• It offers fractional exposure without a foreign brokerage account, including outside US market hours.

• Issuer: Roundhill Investments

• Launched: 2 April 2026

• Listed on: Cboe BZX (DRAM)

• Expense ratio: 0.65% at launch

• Category: Thematic equity fund (memory semiconductors)

• The fund holds companies involved in memory semiconductors — DRAM, high-bandwidth memory, NAND flash and related storage.

• Memory is among the most cyclical parts of the semiconductor industry, with sharp swings in pricing and margin.

• Holdings are concentrated in a small number of producers, so this carries more single-name risk than a broad semiconductor fund.

• The fund holds around nine memory and storage companies.

• Samsung Electronics, SK hynix and Micron Technology make up roughly three-quarters of the portfolio.

• Other holdings include SanDisk, Western Digital, Seagate and Kioxia.

• It uses total return swaps for some exposure.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It is a pure-play memory fund.

• It gives access to Korean memory makers through one US-listed fund.

• It is one of the fastest-growing ETF launches.

Cons:

• It is highly concentrated.

• Memory is deeply cyclical.

• It launched after a strong rally.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.