Roundhill and T-REX jointly issued the 2x leveraged DRAM ETF $RAM , listed on Cboe BZX on June 24, tracking the DRAM ETF. After the market closed on the same day, Micron $MU reported its strongest quarterly earnings ever, with $41.46 billion in revenue and an 84.9% gross margin.

The DRAM ETF was listed on April 2, and within 10 trading days its AUM exceeded $1 billion. As of June 24, its AUM surpassed $20 billion with a total return of 179.84%, making it the fastest-growing product in ETF history.

The holdings are highly concentrated: SK Hynix ~29%, Micron ~27%, and Samsung ~21%, totaling ~77%. These are also the only three HBM suppliers globally.

The DRAM ETF rebalances daily, targeting 200% of the daily return of DRAM. Net expense ratio is 1.25%, custodian is Citibank, and options trading is currently not supported. In the prospectus, Roundhill explicitly warns that the fund is "not suitable for all investors."

77% of the portfolio is concentrated in three stocks, and a 2x leverage is applied on top. About 49% of the underlying assets of the DRAM ETF trade in Seoul, and overnight volatility in Korean stocks is concentratedly released at the U.S. market open. The DRAM ETF magnifies this gap by 2x.

On June 23, KOSPI plunged 10%, and the DRAM ETF fell about 14% that day. If the DRAM ETF had already been listed, the theoretical single-day drop would have been close to 28%. The daily rebalancing mechanism means that in a volatile market, even if DRAM ends flat, the DRAM ETF will incur losses.

The DRAM ETF currently has corrected about 16% from its 52-week high. Using the DRAM ETF to add leverage means applying 2x leverage to an asset that already has extremely high beta. If the direction is correct, returns are substantial, but if wrong, the exit window may be much narrower than expected.