Wall Street's AI obsession has a new favorite corner: memory chips. And now, a proposed leveraged ETF wants to let you bet on that trend with twice the firepower — and twice the risk.
Themes ETF Trust has filed with the SEC to launch the Leverage Shares 2X Long Memory Daily ETF, a fund designed to deliver twice the daily return of the Roundhill Memory ETF (DRAM). That's the same ETF that has become one of the breakout stars of 2026, surging more than 80% since its April debut and swelling to roughly $6.25 billion in assets under management in just a few weeks.
The proposed leveraged fund would use swaps, options, and other derivatives to amplify daily returns tied to DRAM, which itself is a concentrated bet on the booming AI memory-chip market. The prospectus is upfront about the risks: this is a short-term trading tool, not a buy-and-hold investment. Volatility decay, daily rebalancing, and amplified downside exposure are all part of the package.
AI's New Bottleneck Trade
Unlike broad semiconductor ETFs, DRAM focuses specifically on companies tied to high-bandwidth memory (HBM), DRAM chips, NAND flash, SSDs, and related storage technologies. These components have become critical infrastructure for AI workloads, as training and inference require enormous bandwidth and storage capacity.
The ETF's top holdings include:
The AI boom has transformed investor sentiment around memory, which was once seen as one of the most cyclical parts of the semiconductor industry. Now, as companies race to build larger AI models and data centers, memory chips have become a key constraint — and a huge opportunity.
DRAM ETF Explodes
The demand surge has translated into eye-popping gains for memory stocks — and the ETF tracking them.
SanDisk shares have skyrocketed roughly 460% this year. Micron has surged more than 150%. Seagate has jumped more than 190%, fueled by optimism around AI infrastructure spending.
The rally has been supercharged by tightening supply conditions. Industry reports show memory-chip prices climbing between 80% and 90% in the first quarter, as demand outpaced production capacity.
That pricing power has boosted earnings across the board. SanDisk recently reported quarterly revenue growth of 97% year-over-year, while Micron posted a 75% jump in fiscal second-quarter revenue. Seagate also delivered strong results, with CEO Dave Mosley saying the company was entering a "new era of structural growth."
DRAM's concentrated structure — it holds just a small basket of companies — has made it a high-beta momentum trade for investors seeking targeted exposure to the AI infrastructure buildout.
2X DRAM ETF To Launch Despite Bubble Warnings
But the rapid rise in memory-chip stocks is starting to raise eyebrows.
Investor Michael Burry — yes, the "Big Short" guy — recently warned about bubble-like conditions in parts of the semiconductor market. Technical indicators show several memory-related names trading in deeply overbought territory. The DRAM ETF itself has seen its Relative Strength Index rise above 80, a level often associated with stretched momentum and elevated pullback risk.
The SEC filing also highlights the risks of leveraged products, noting that returns over periods longer than a single day may differ significantly from simply doubling the ETF's cumulative performance due to compounding effects and volatility decay.
Even so, the proposed 2X DRAM ETF suggests issuers believe investor appetite for targeted AI infrastructure exposure remains far from exhausted — especially in one of the market's most supply-constrained corners. Whether that appetite survives a potential pullback is another question entirely.
