The Roundhill Memory ETF hit $23B in six months, while space and HALO funds attract investor demand. IQMM and SECU tap stablecoin rules and securitized credit.
The most successful U.S. ETF launch of the first half of 2026 was the Roundhill Memory ETF (DRAM), which grew to over $23 billion in assets by early July. The fund is concentrated in three stocks that control more than 90% of the high-bandwidth memory (HBM) market: SK hynix, Samsung Electronics, and Micron Technology (MU). Together they accounted for more than 70% of DRAM's holdings as of July 7, CFRA said.
CFRA's ETF research team views these firms as key beneficiaries of a multiyear AI hardware upcycle. DRAM launched early in the year and attracted inflows every week through July 3, ranking sixth among all U.S. ETFs for first-half inflows. That is an unusual pace for a new product.
The concentration is the main risk. Other large semiconductor ETFs like the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) do not hold SK hynix or Samsung, which gave DRAM a pure-play niche. SK hynix listed an ADR on July 10. If SMH and SOXX add it, their weights would be far smaller than DRAM's. Continued inflows could magnify the impact of any slowdown in AI memory demand.
Four other launches round out the list. The Tema Space Innovators ETF (NASA) drew pre-IPO exposure to SpaceX through a special purpose vehicle. The ProShares GENIUS Money Market ETF (IQMM) is the first ETF to meet the reserve requirements of the GENIUS Act for stablecoin issuers. The Roundhill HALO ETF (LOHA) and iShares Securitized Income Active ETF (SECU) target capital-intensive assets and securitized credit, respectively. LOHA holds 38% in industrials and zero IT exposure, a stark contrast to the S&P 500. SECU yields 5.41% with a 3.47-year duration, allocating across mortgage-backed securities and CLOs.
AlphaScala's Alpha Score rates MU at 79 (Strong) and STMicroelectronics (STM) at 55 (Moderate), reflecting their roles in the memory and space supply chains. STM is a supplier to SpaceX's supplier ecosystem, which CFRA's equity team sees as a beneficiary of higher launch cadence.
CFRA's report noted that DRAM had positive inflows every week from its launch through July 3, ranking sixth among all U.S. ETFs for first-half inflows.
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