Roundhill Launches $24 2X DRAM ETF as Micron Earnings Loom Over $22 Billion Fund
Updated
Updated · CNBC · Jun 24
Roundhill Launches $24 2X DRAM ETF as Micron Earnings Loom Over $22 Billion Fund
3 articles · Updated · CNBC · Jun 24
Summary
Roundhill, with REX Shares and Tuttle Capital, began trading the Roundhill T-REX 2X Long DRAM Daily Target ETF, or RAM, at about $24 a share on Wednesday.
The launch follows the breakout success of Roundhill's unlevered DRAM ETF, which has pulled in more than $22 billion in under three months and more than doubled since its April debut.
Micron's 700% one-year rally and its central role in AI-linked trading are driving demand: it is 28% of DRAM, the fourth-largest holding in the $73 billion SMH ETF, and a top-10 S&P 500 company.
Options and leveraged-fund activity could amplify Wednesday's earnings reaction, with Micron options already trading $1.4 billion, implied volatility at 111, and traders pricing in a roughly 10% stock swing.
That volatility is spilling into related markets, including South Korea, where one EWY trader sold $1.2 million of puts and bought $700,000 of calls, betting on a 23% rally by July 17.
Is Micron's 700% rally a sustainable 'super-cycle,' or is this new leveraged ETF a sign the AI memory bubble is about to burst?
As AI's hunger for memory grows, can Micron win the high-stakes HBM technology race against its South Korean rivals to justify its valuation?
2X RAM ETF Launch, Micron’s Explosive Q3, and the AI Memory Cycle: Risks and Rewards for Investors
Overview
On June 24, 2026, the memory chip sector saw two major events: the launch of the Roundhill T-REX 2X Long DRAM Daily Target ETF (RAM) and Micron Technology’s crucial earnings report. RAM is a 2x leveraged ETF designed for sophisticated investors who are bullish on memory chips, aiming to double the daily performance of the Roundhill Memory ETF (DRAM) but with higher risk. The timing of RAM’s debut aligns with Micron’s earnings, which are expected to be a key signal for the ongoing AI memory cycle, making this a pivotal moment for investors seeking exposure to the fast-growing memory market.