RocketMan
Space Investor, Rocket Lab Focus
SK hynix's new direct US listing is a small disadvantage for the Roundhill Memory ETF, which investors had bought partly to own SK hynix indirectly. Owning memory companies directly is preferable to the ETF. x.comÂ
The memory ETF is not worth buying yet, because it is essentially just the KOSPI plus Micron and more forced selling is likely in Korea. x.comÂ
The Roundhill Memory ETF is the more fitting way to take a pure bet on the memory cycle. About three-quarters of it sits in Samsung Electronics, SK Hynix and Micron, making it a direct vehicle for memory chips and an attractive alternative for overseas retail investors barred from buying Samsung and SK Hynix directly. A Korea ETF also holds both but carries sizable stakes in other companies such as Hyundai Motor. x.comÂ
Micron is the better memory buy here because Korean stocks have traded poorly and SK hynix's US ADR carries a massive premium over its Korean listing. SK hynix remains the preferred company; HBM is favored over NAND, making Micron and SK hynix preferable to SanDisk. Memory stocks look cheap, with very attractive risk/reward at these levels, and are unlikely to stay cheap for long. x.comÂ
KMEM could have the long-term edge over DRAM as a memory fund because its heavier weighting in SK Hynix and Micron gives purer memory exposure than Samsung. Both charge the same expense ratio, and Fidelity users avoid a service fee with KMEM. The 41% SK Hynix weight may add volatility, and KMEM may pay a distribution. Existing DRAM holders can simply keep it and buy SK Hynix directly at its Friday IPO, while new investors with no memory exposure may prefer the more active KMEM. x.comÂ
The Roundhill Memory ETF is a genuinely great way to get memory exposure, especially without access to foreign stocks. It concentrates on the three leaders, Micron at 24.6%, Samsung at 24.1% and SK Hynix at 23.1%, plus SanDisk, Kioxia, Western Digital, Nanya and Winbond. x.comÂ
For buying the memory dip, the DISK ETF looks better than the more popular DRAM ETF because its holdings are less concentrated. DRAM puts 75% in Samsung, Micron and SK hynix, while DISK holds about 50% in SK hynix, SanDisk and Kioxia, with extra Kioxia exposure that is a favored bet. DISK underweights Micron and Samsung, though, and 10-15% in each of the five big names would balance it better. Expense ratios are similar at 0.75% versus 0.65%. x.comÂ
SK hynix earns a third to a half of its market cap each year in this upcycle, so it is hard to see how holders lose. Micron trades at 3.7x 2027 estimates at a similar market cap, but hynix has much higher DRAM share, suggesting sub-3x; its estimates look stale because Micron just reported and was updated sooner. Custom HBM differentiates it, bit scaling is harder, HBM cannibalizes DRAM, and an ADR could close the valuation gap. DRAM is a commodity, so more fabs mean more dollars. x.com x.com … Show more
Memory should outperform over the next 6-12 months because demand is not slowing and supply is not catching up. The DRAM ETF is the easiest way to gain exposure, with Micron, Samsung and SK hynix as its top three positions. x.comÂ
Buying the DRAM dip looks too risky now because CXMT's ambitious next-generation 4F plan and SK hynix's aggressive production expansion raise supply concerns for memory stocks such as Micron, SK hynix and Samsung. CXMT is unlikely to become a serious competitive threat, but it could still weigh on storage-stock sentiment. x.com x.comÂ